"What is a good interest rate for my first car loan after graduating from college? "

"I just graduated from college, I will start my first really good paying job next week, and I have nearly perfect credit. As a graduation gift, my parents are going to put some money down and cosign on a newer Infinity. What kind of interest rate should I expect on a $10,000 loan?

"

Answer
“More goes into determining your interest rate than just credit alone. Lenders look at your monthly income and debt-to-income ratio, as well as your credit history.
Considering you haven’t started your job yet, and since it is likely that you have some debt from college, you will probably be paying a high interest rate. That being said, anything in the mid-single-digit range would be good. “
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Johnny Puckett
Answered on May 11, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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