What is a Good Interest Rate for Your Car Loan?

Man Signing Paperwork

To avoid overpaying and to get a better grip on the right interest rate for a car loan, we’ve got a chart for you! What is a good interest rate for a car loan? It really comes down to your credit score. Take a look at our guide for the average new and used car loans based on credit scores and the APR, or Annual Percentage Rate, for that average. After that, we can get you approved for financing for your Newnan vehicle in a snap.

New & Used Car APR

Average Credit Score for New Car Annual Percentage Rate Average Credit Score for Used Car Annual Percentage Rate
781-850 3.17% 781-850 3.8%
661-780 4.03% 661-780 5.48%
601-660 6.79% 601-660 10.1%
501-600 10.98% 501-600 16.27%
300-500 13.76% 300-500 19.32%

How Do You Get the Best Interest Rate?

To get the best interest rate on a car loan, you’ll want to plan ahead. Take a look at your credit history and take a look at the score. The higher the score is, the lower your interest rate will be. You’ll also want to be ready to negotiate. Take a look at the above chart and be prepared to negotiate. Also, you’ll want to be careful of the offer. Don’t just focus on the payment and ignore the rest of the deal. Pay attention to the details!

What is the Average Interest Rate on a Car Loan?

On a three-year car loan, the typical interest rate will be between 3% and 4.5%. You might get a different rate based on your credit score and where you’re getting a loan. We suggest as a Douglasville driver that you check multiple sources to get the best deal on your auto loan. The bank or credit union might offer you a better rate, but one thing the bank can’t offer is the convenience of buying and financing in the same place.

Your Next Steps with Scott Evans Nissan 

The finance team at Scott Evans Nissan will help you with the pre-approval process. We’ll help you find your perfect vehicle at a reasonable rate. Contact us today to help us help you compare rates. You’re in the company of experts when you buy your vehicle with us!

 

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