There are many determining factors when it comes to interest rates. Lenders normally take into consideration a borrower’s age, credit history, income, and whether or not they have a cosigner with a good credit score. Without knowing all of this personal information about you, it’s hard to give you a 100% accurate answer. 

That being said, if you have good credit and payment history, a good income, and a cosigner with a credit score of 750 or higher, you should not sign on that loan. However, if you do not have a cosigner, then an 11% to 12% interest rate is about right. 

But like with everything, you should not jump at the first offer. Instead, take your time and shop around. Banks and credit unions usually offer the best rates, so it might be a good idea to start your search for a better rate there.

Johnny Puckett

Is 11% to 12% a good interest rate for an auto loan?

If you’re paying your first car payment one day late, don’t panic. There is usually a grace period for 

 payments of 10 days or more—but you’ll need to review the terms of your loan to be sure.

If you have any concerns or aren’t sure whether you have a grace period, call your lender right away. It’s better to be honest that you slipped up and assure them that future payments will come on time. 

If you don’t pay and whatever grace period you have expires, you’ll be charged a late fee. This may be around $30.

Being a day late on a car payment shouldn’t affect your credit. Credit bureaus will only find out if you’re over 30 days past due on a loan payment. But if this happens, your credit score will take a hit.

If you end up having a hard time affording your car loan, see if an 

 could be an option. You can use a comparison tool like Jerry to compare offers from lenders and see whether you can get better loan terms by switching.

What happens if my first car loan payment is one day late?

According to the National Automobile Dealers Association (NADA), your Audi with 50,000 miles is worth around $28,125.00. 90% of that value is $25,312.50, which is how much the loan will cover. 

If the $30,000 price you mentioned includes tax, title, and dealer fees, then you will owe around $4,687.50 at signing.

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Johnny Puckett

Latest Answers by Johnny Puckett

What happens if my first car loan payment is one day late?

Is 11% to 12% a good interest rate for an auto loan?

What does a 90% loan-to-value car loan mean?

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