What is the standard interest rate for a car loan?
Sunday, May 23rd, 2010 at
09:44
I am just curious as to what most banks do when charging interest on a car loan.
Is it prime plus 2%? Is it prime plus 3%? I understand that it would depend on if you're looking for a fixed or variable interest rate, but I'm just curious as to the percentage for either.
The length of term I am looking at is about 5 years (60 months) and my credit is pretty good. I should have also mentioned I'm Canadian so prime right now is 2.5%.
Auto Borrowing Associates
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