Car Loans First

Car Loan Rate Calculator - Pre Quailify

Use the car loan calculator below to estimate the amount you can finance .

1.)Select a credit profile

Good Credit

700

Fair Credit

625

Sub Prime Credit

575

Bad Credit

525

Really Bad or No Score

NA

2.) Enter monthly income

Monthly Income before taxes:

3.) Enter monthly re-occurring debts

Rent or Mortgage:

Min. Card Payments:

Garnishments:

Other Loan Payments:
(Exclude utility bills and Car Loan)

Qualified Auto Loan Amount*

Enter your postal code:

USA    Canada

Used Car Loan Rates

Unlike new car loan rates that are determined by your credit score and the term of the loan, there are other factors that will affect used car loan rates.

We'll discuss the differences in a moment, but first the similarities: Always know your credit score. This is sometimes called a FICO score and it is the three-digit number that banks and other lending institutions use to determine of you're a prime borrower or a subprime borrower. This is a number that ranges between 300 and 850 with a score of 640 or higher generally considered to be prime, while a score below 640 would indicate a subprime borrower.

In addition to basing their used car loan rates on a buyer's credit score, banks also vary their used car loan rates on the age of a vehicle as well as the vehicle's mileage. While their individual used car programs vary, a general rule of thumb is the older a vehicle (based on model year behind the current selling year), the higher the interest rate. In addition to vehicle age, the mileage on a particular used car is also taken into consideration. A loan on a used car with higher mileage (more than 15,000 per year, based on model year) will hive a higher interest rate than a comparable vehicle with low mileage (less than 12,000 miles per year.

Finally, most lenders will cap the mileage of any used car. This mileage cap varies by lender and can be as low as 60,000 miles or as high as 100,000 miles or more.