What kind of interest rate should i expect when getting a car loan at a dealership?

I am 21 years old with NO(0) credit (which is apparently the same as having bad credit). I work part-time making $10 an hour. And I'm looking for a used car in the range of $5,000-$10,000. I cant find anyone to co-sign with me on a loan from my bank so my only option is to get a loan from the dealership. What kind of interest rate should I expect from a dealership?|||b|||I was in the dealership today with my boyfriend who is also 21 with no credit. We were looking at putting $15,000 down and buying a $21,000 car. He works 60+ hours a week making $18.00 a year.


The interest rate they tried to give us was 15% which meant it would take us 60 months (5 years) to pay off the rest of the car. Not cool. My parents said a good interest rate is 4-6 %|||If you have little or know credit, expect to pay 8%-12% on an autoloan from a dealership. Your best bet is to save your money and cash out a used car. Or get a co-signer and go to your local credit union for a loan.|||One thing to consider is that dealers are going thru banks just as you are, the benefit is that they have buying power to get a lower rate. In my experience, 25% down or more would be required to be considered for financing without a cosigner. Average interest rate is actually between 13% to 18%. Your interest rate does not determine your term. Average terms, depending on the year and miles of the vehicle) are 60 months. If it is a new vehicle than you can qualify for 72 months which would make your payments lower. Also, banks have no desire to finance anything less than $8,000. My advice to you if you truly cannot find a co signer, is save your money for a down payment, about 4 to 5 thousand, and look for a car less than five years old with less than 60k miles running for about 13 to 16 thousand. Good luck!|||0%.





You wont be approved.





Now, if you had a full time job with a year on the job and $2000-3000 down, you might stand a chance.





A buy here pay here dealer is a total ripoff and not because of the rate, 15-29% is not the problem. They double or triple price their cars because their customers have to take what they can get.