I appreciate it Meya. I have already financed a car and paid it off before time. I was just wondering if 720 was the threshold between good financing and the lowest apr available next to 0% financing.

Can't consider leasing Alpha, drive too many miles a year, but appreciate the comment

I totally agree with debtor00. If this is your first car however, you are not going to get the best rate because you are a first time buyer. Dont get me wrong, you will have a rate better over those with bad credit. Some dealers like putting you through a process called STIPS (special financing) for first time buyers, this is hwat happen to my friend. He is 45 years old, good credit, but was hit with a 15% finance charge, and the dealer was afraid to finance him. All of this because he was a first time buyer.

Like Debtor00 said, it is better to go to the dealer with a preapproval, this way you can elliminate all the bs that they have to offer. I am going to go in with a preapproval from cap 1 or hopefully a cu, by next year.

Hoep this helps!

Somebody told me a few years ago that it was really cheaper to lease a car instead of buying one. I don't know how that works out in terms of what you really pay, but it's an idea to check on.

To get the best rate for a car, use a credit union!!! I just bought a used mercedes clk 430 with a middle score of 640 and the rate was 7 percent. With my low credit score that's as good as it gets. If my score was as high as yours are I'm sure I would have qualified for the 5.25 rate for used cars that they offered. Rates are always lower for new cars, so if you are shopping for a new car with a 714, I'm sure you will get the best they have to offer. I strongly advise you to get pre approved financing so that the dealers won't play pricing games with you, then shop for the lowest price. That way you can compare apples to apples across the board. Dealer financing is rarely the best out there. If their rates seem really low, you are usually "buying" that rate by forgoing rebates, etc... (That's why the fine print always says you choose 0 percent financing or cash back). Credit unions are not for profit organizations so they always have the best rates, and many allow you to join if you work live or worship in which ever county they are located in.

Ok guys have a question. Now from all the research I have done I am thinking that if I want to get the lowest APR other than 0% when financing a car that my middle credit score has to be at least 720. My research also shows me that to get 0% my middle score has to be at least 750. My middle score is 714 and if I'm right I will wait until it gets to 720 and then start shopping. Does anyone know different about what middle score you need to get the lowest APR?

Thanks,

I don't know how other countries work as far as what the requirements are in getting approved for an auto loan. The info I stated above was some insight on what you need to get a car loan here in the U.S. Sorry, can't help you out there.

MrsJPrice, you're going to need a cosign if you buy a car since you don't have any credit cards which builds your history. I suggest getting a credit card as soon as possible. You're going to need it. If you need some good choices, let me know, I'll be glad to help you out.

My cousin bought a £3000 car and she doesn't have any credit cards. To be honest I dont really want to get one as I know I'll get in trouble with it. I just guess I'll look around and see who will give me a loan.

What is the best way to find a good auto loan. Loan rates can be high but there are opportunities for lower interest loans I know.
thanks

When you're trying to buy a car, there are a group of lenders that are willing to give you a loan. Interest rate will vary depending on your credit. You can ask the salesman what are your offers are and he should be able to get you the best interest rate possible. Of course, the better your credit, the lower the interest rate.

MrsJPrice, you're going to need a cosign if you buy a car since you don't have any credit cards which builds your history. I suggest getting a credit card as soon as possible. You're going to need it. If you need some good choices, let me know, I'll be glad to help you out.

I also want a loan to get a car as I'm sick of buying cheap things. I want to borrow £2000, but I've never got a loan or had a credit card before. Should I get a personal loan or a car finance loan? I'm not sure what to do as I've never borrowed money before.

What is the best way to find a good auto loan. Loan rates can be high but there are opportunities for lower interest loans I know.
thanks