STEP 1: Finding the bank that will be the lender Banks and most car dealerships offer car loans (called financing). Visi

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Step 1 Finding The Bank That Will Be The Lender Banks And Most Car Dealerships Offer Car Loans Called Financing Visi 1 (109.57 KiB) Viewed 34 times

STEP 1: Finding the bank that will be the lender Banks and most car dealerships offer car loans (called financing). Visiting a lot of banks and doing research online can help you find the bank that will give you the lowest interest rate. In the end, the interest rate you receive will depend on a) the Bank's lending rate and b) your credit rating. Mark on Unit #1 Interest Rate (%) For this assignment, your interest rate will depend on the Bank's rating system which looks at your unit 3 test mark to decide your interest rate. 49% or lower 7.6% 50% -60% 7.25% If you decide not to shop around and just sign up for the dealership's financing, you will automatically get an interest rate of 9.0 %. 61% -70% 7.0% Therefore, the interest rate that you receive from the bank is 71% - 80% 6.75 % 81%-85% 6.5% 86% or better 6.0 % and the rate you receive at the dealership is D