Used Cars: Interest Rate, fico score, interest rate

Question
Hello,

I am looking into purchasing a used car and have a FICO score of 679, what interest rate should i expect to have? i am hoping to spend no more than $20,000.

Answer
Hello Judith, The interest rate will depend on 3 variables. Your score, the year of the vehicle and the amount you plan to finance.  It also varies from state to state and bank to bank. With a score of  679 and a amount to finance under $20,000 you should expect a rate around 8-9 percent The year of the vehicle does have an impact on the rate so keep that in mind, the older the car the higher the rate. Check with a local credit union, they use a flat rate system, that means that everyone gets the same rate regardless of your score(sometimes as low as 4.99%). That would be a bonus for you! Hope this helps. Shane