What does it mean when the bank offers a flat interest rate on a car loan? How is it calculated?

Any decent car loan should be a flat rate. Never buy a car using an adjustable-rate loan! The markets could turn against you if rates rise.

The interest rate depends on your credit score. If you have excellent credit (FICO score of 700+) and are buying a new car, you may qualify for 0% for 3 years or something like 2% for 4 years. Used-car loans will be slightly more expensive.

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