The 60 month car loan rates or the rates of any loan for that matter are determined by the lenders and the borrowers have almost no say in it. This means that the lender can ask for any amount of interest and the borrower will have to live with it till he or she repays the loan. However, it would be wrong to assume that the borrower will be a helpless pawn at the hands of the lender. If the borrower has a good credit record, which could well be a rarity given the tough economic climate across the world then there is a chance that he or she can negotiate with the lender for rates that are convenient for him or her.
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Since it is proven that the particular borrower has a record of paying the loans back on time, any lender will be eager to provide that person a 60 month car loan for good measure. The main psychology in these cases is the fear of losing a good client to competitors. Given the plethora of borrowers with less than ideal credit scores the appeal of these borrowers only increases for the lenders. However, things can and will get tricky if the borrower in question have a poor credit record.
In most of these cases the new car loan rates 60 months can be out of question as most dealers will not be eager to deal in their brand new models with people who obviously have had issues paying their dues in the past. Even if they get a good co-signer and show proof of a high paying job they may be given a new car at fairly exorbitant rates in order to cover any potential loss to be faced by the lender. However, more often than not such borrowers are from the middle and lower middle class.
They are most likely to be approved for used car rates 60 month loan. The problem with these loans is that they are secured and the rates are pretty high as well. However, there are some companies that offer special packages for such customers. For more information on these loans please look up www.carloansbadcredithistory.com.
