What a difference a few years makes. As with mortgage rates, auto loan interest rates continue to drive up the cost for borrowers in the Columbus region. According to Market Watch, a new vehicle loan with a 48-month terms carries a rate of 8.3%, which is the highest found in more than 20 years.
Similarly, used car interest rates are also fairly high. NerdWallet reports that those with a credit score exceeding 660 should expect to pay 9.73%, while those with a 601 to 659 score will face rates of more than 14%. Let take a look at how this works out using the following example:
| Used Car Price | Interest Rate | Term (Months) | Monthly Payment | Total (with interest) |
| $20,000 | 9.73 % | 48 | $504.66 | $24,224 |
| $20,000 | 14.0 % | 48 | $546.53 | $26,233 |
As this chart suggests, buyers with average (600+) to good credit scores (670+) are paying between approximately $4,200 and $6,200 in interest alone for a $20,000 vehicle.
How to Junk My Car at Ohio State?
Those with an unwanted car, truck or SUV should contact an organization that will buy used cars for scrap. The majority of the junk car buyers are in the central Columbus area.
Who to Sell a Junk Car to in Canal Winchester?
Is there a car scrapping service near me in Columbus, Ohio? Today, residents in the greater Columbus region can sell unwanted or abandoned scrap vehicles for cash quickly. In most cases, towing is included throughout the local region.
Where to Junk My Car in Pickerington?
For same-day old car removal and fast cash, contact the experts at Columbus Scrap Cars. We are available Monday through Saturday at (614) 715-5005.