Buying a used car using an auto loan works the same as buying a new car. Calculate the APR by adding the interest rate charged, along with any taxes, costs and fees associated with the vehicle purchase. Remember, the APR you qualify for will depend on your personal credit score, the cost of the vehicle, your debt levels and your down payment.
If you have excellent credit, expect a good used car loan APR could be as low as 8%. If you have poor credit, then the cost of your used car loan will increase. Borrowers with fair or poor credit shouldn't be surprised to see APRs as high as 29.99%. To minimize costs, be sure to comparison shop and check out all lender options.