Calculating the true value for average car loans based on the price of the vehicle might be impossible. This is because there are a hundreds or probably thousands of car models that are available on the market right now. However, you can estimate or visualize the average car loan rates by considering other factors such as the amount of down payments paid for a vehicle. Besides this, you can also determine the rate most car loans based on the following:
1. The loaned amount and the loan term
The two most important factors that determine the average car loan rates is the amount of loan and the term involved. Car loans with longer loan terms usually involve lower monthly payments to be paid in a longer period. However, you might end up paying more than what is needed on the loan