My credit isnt established yet so what is a good financing rate for buying a used car?

I am 19 and i want to buy my first used car. The car i want to buy is about 12000. I plan on putting 2 thousand down and i was wondering what kind of apr i should get with the car only being financed for 10000, with my new credit in mind? Also i do have a source of income. I make about 2000 a month
My credit isnt established yet so what is a good financing rate for buying a used car?
You can get, and shouldn%26#039;t take anything higher than 9 percent. Thats average for first time buyers. Now don%26#039;t get lied to b/c alot of times, car dealers will tell you that since its your first car, you need to buy a new car. Thats the biggest crock of crap i%26#039;ve ever heard, however they tell people that all the time. There are first time buyer programs for people so they can get a 25,000 dollar car with 9 percent interest. So if you want to buy new you can, but dont be fooled by anyone that you have too.
My credit isnt established yet so what is a good financing rate for buying a used car?
I highly doubt you will get 9% with no credit established yet. There is a huge credit crunch right now. People are defaulting on cars and homes at a record pace. Consequently, banks are tighter than ever on loans. It is not as easy to qualify for those low rates as it used to be. I am seeing loans that were a lock 1 yr ago getting kicked back today.





You have not yet proven your ability to repay a significant loan. A bank will likely want a cosigner in order to finance you. And, contrary to the previous advice, you may want to consider a new car. Why? Because many new cars have factory rebates, which count toward your down payments. Also, many manufacturer%26#039;s have subsidized rates and programs right now. You don%26#039;t have either of those on a used car.





Check for a loan approval with an online broker like lendingtree.com or eloan.com. Both will shop your appication to multiple lenders. That way you should get the best available rate based on your credit and income history.





Good luck!