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In Maryland, the average APR for a used car loan is 7.10%, while in Mississippi, it’s 13.40%. See how the average used car loan rates in your state compare. ... Cars for High-Mileage Adventures ...
The average car loan term is 68.48 months for a new car and 67.41 months for a used car, or close to six years, according to Experian data. The average length of auto loans for new and used ...
With an average interest rate around 10.488%, you'll pay around $6,508.90 in interest over the life of the loan if you purchase a used car for $20,000 and pay $395.66 per month.
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
If you plan on buying a used car in the Midwest, you can expect to save some money compared to buying a new vehicle. And since new cars depreciate the most in the first years after leaving the lot ...
According to MarketWatch, the current average used car loan interest rates across all credit profiles range from 7.13% to 21.55%, but here are eight car brands offering financing deals on models ...
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