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Originally Posted by SkyHighinTX
The interest rate can depend on a lot of factors including your credit score (FICO), the amount you are financing, the term of the loan, and in the case of GMAC the vehicle model (some models get promotional rates).
Often, a loan pre-approval and interest rate will be guaranteed for up to 30 days. That may vary from lender to lender.
Since the prime rate is steady or rising, I would not expect rates to go down any time soon. That said, if your credit score is decent you should be able to beat 9% pretty easily.
Good Luck!
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Exactly...
The lower the FICO score and the less time requested... the lower the rate.
Dependent on FICO score for the same 72 month period of time at my credit union, one could get between 6 and 10.50%... 6% for excellent *Read over 750 FICO* with direct deposit and 10.50% for a FICO score around 550 - 600 and no direct deposit. If one chose 2 or 3 years... the rate could be 2 percent or so with excellent credit.
Rates advertised are always the lowest possible... doesn't mean that is what one could get.
As insurance is dependant on a lot of personal variables... so are loan rates.