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What is the average interest rates for vehicle finance loans and can you negotiate to get a lower rate?
The interest rate is a calculation based on the individual’s credit profile. A Good credit profile will attract a lower interest rate whereas a riskier credit profile will result in a higher interest rate. So, every single person’s credit risk is different.
Interest rates are determined by the bank when you apply for vehicle finance. They are based on your credit history, affordability and your risk profile.
The best way to lower your interest rates are:
- If you always pay for accounts on time.
- You limit the amount of credit that you have.