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Economics will give brainily
You want to buy a used car but don't have enough money to purchase it outright. Your parents suggest that you check around at local banks, credit unions, and savings and loans to compare the interest rate on a 36-month $2,000 loan for an older used car.
Answer the following questions:

1. What is the lowest interest rate that is being charged to borrow money for a used car at a bank, credit union, and savings and loan? Include the interest rate and the name of the institution offering the loan.
2. Of the three options, which location has the lowest interest rate for a loan? Is this surprising given what you learned about these types of institutions? Why or why not?

Respuesta :

Martebi

The lowest interest rate for a used car loan interest rate are:

Credit Score Average APR Used Car

661–780     5.38%

601–660         9.8%

501–600   15.96%

300–500 19.87%, etc.

The firms that gives auto loan rates are PenFed Credit Union as they offers some of the lowest rates available such as 1.99% APR for a used vehicle.

LightStream, a subsidiary of SunTrust Bank offers their maximum APR on an auto loan as 4.99%.

Bank of America auto loans offers their maximum APR on used cars auto loan as  2.34%

What is auto loan?

An auto loan is known to be a loan that is often secured so that one can buy a car.

It is one that lets consumers pay off their car through the use of fixed monthly payments for new or used car.  

Learn more about  interest rate from

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