What's considered high interest on a car loan?
I don't want to get hit with a high interest rate on a car loan. What kinds of numbers are considered high when it comes to loan interest?
Lenders determine interest rates based on many things, but risk and the length of the loan are the two biggest determining factors. Buyers should look for interest rates in the single digits and avoid loans with interest rates of 10% or higher.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
What rental car insurance should I get to protect myself from the worst-case scenario?
I'll be renting a car soon and I want to be sure I'll be covered for the worst-case scenario, i.e. a situation where I am at fault in a crash, wreck both vehicles, and injure the other driver. Which kind of rental car insurance should I get?
Mar 12, 2021
Which exotic animals are commonly denied home insurance coverage?
"My wife and I want to buy our son an exotic pet, something that’s more fun and rare than a dog or cat. We’re leaning towards a ferret. But we want to be sure that the pet will be covered by our home insurance. Which exotics are usually denied coverage? "
Apr 14, 2021
How much pain and suffering compensation should I ask for from my auto insurance company?
I was hit by an uninsured and unlicensed driver. Since I have uninsured motorist coverage, my insurance is also compensating me for pain and suffering. I'm not sure what number I should ask for when I negotiate with them.
May 10, 2021