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Auto Loan – expected APR?

me and my wife want to buy a used BMW 5 series for about $16k.
I can put down about 7-13k cash, and want to finance the rest, the amount I finance depends on the APR.
I am new to the US so have no credit at all, she has a FICO score of 650.
We earn good money ($12k per month combined before tax) , have only student loans.

What kind of APR should we expect to get, I would ideally like to repay the loan over 1 or 2 years.
And can we refinance easily after 6 months, when our credit scores should be better?



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3 Responses to "Auto Loan – expected APR?"

  1. Bluekittie says:
    If you pay utility bills, have a CC, Rent or mortgage, you have credit. Rates are running low, but usually 2-3% higher at a dealership than if you acquired a loan through a bank. Auto loans are 60 months, but you can pay over the required payment and pay off your loan early. Check to make sure there are no penalties for that. I would not worry about refinance for the amount of money you are looking to borrow, and not for the time period you are looking at. Check around for the lowest APR, they are very competitive right now. Approx. 6%
  2. bloomorningglory says:
    Your big down payment will help but her score will hurt. Do some shopping before you get to the dealership. I would hit a local credit union or two as they often have the best rates. Most allow you to join when you get the loan so you can do your shopping without actually joining a bunch of CUs. Otherwise I would not be surprised if the rates crept into the double digits. Good luck!
  3. sarahsmile90 says:
    If you have no credit and she has credit that borderlines subprime, even with that down payment you may not qualify for a prime rate of interest. I would try her own bank or credit union first, someone that she has a history with. They will consider your down payment, your credit score and your debt to income ratio is important also. Good luck.

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