New Car Loan Rates

New car loan rates can vary depending on the buyer’s financial history, the cost of the vehicle and the intended use for the vehicle. Firstly, the main differentiator is whether the car will be for private use or as a business vehicle. Personal car loans can be secured or unsecured and the rate will depend on the individuals’ credit rating and income level. Business car loan rates depend on the history and projected earnings of the business.

Rates for new car loans for personal use have a greater variance than business loans. This is because there are a much wider variety of personal car loans available. You will get different rates depending on the following conditions

  • Income level
  • Credit history
  • Type of employment
  • Secured against an asset or not
  • Term of the loan
  • Size of the loan
  • Deposit paid
  • Other debts owed
  • Plus many other possible factors
Bank car loan rates can vary from bank to bank, just as they do with other kinds of lenders. So it is a good idea to check the rates being offered from a variety of sources.

To find a low interest loan for a new car, the best thing to do is contact a car loan broker such as the one operated by the owners of this New Car Loan website. That way you will receive independent advice about which new car loan rates you can apply for, and receive quick approval.