* The lender: Different banks, credit unions, and finance companies offered different rates.
* The buyer's creditworthiness: Those with good credit received lower rates than those with poor credit.
* The type of loan: The length of the loan (term) significantly impacted the interest rate. Longer loans generally meant higher rates.
* The car's make and model: Some lenders might offer slightly better rates on certain makes or models, but this was less of a factor than the others.
While precise numbers for a specific situation are impossible to provide without more information, interest rates on new car loans in 1977 were generally high by today's standards, often in the double digits (10% and above). Average rates likely ranged from around 10% to perhaps as high as 15% or even more for individuals with less-than-perfect credit. You'd find some lower rates at credit unions for members with excellent credit and shorter loan terms.
