I Have Bad Credit. What Will My Interest Rate Be?

Q. I know I have bad credit, but I still need a car. My car recently died. How high of an interest rate can I expect to pay to buy a new car?

Ed J. – Houston, Texas
A. A typical 36-month, new car loan for someone with good credit will have an APR of 6.95%. Even though you have bad credit, it’s going to depend on how bad it is. If you have a credit score of 500-589, your rate will be 15.03% for a three-year loan; 590-619 will be 13.95%; 620-659 will be 10.62%; and 660-689 will be 8.75%.