What is a Good Interest Rate for a Car Loan?

DGDG 2020 VW Atlas

 

If you’re looking to grow your savings and reduce your debts, taking a look at interest rates on car loans is a smart move. So, what is a good interest rate for a car loan? To help you understand what is a good car loan rate, we’ve listed important loan information in our chart below.

Find answers to questions like, “what is the average interest rate on a car loan?” and “what is a good interest rate for a car loan?” with our team. Take a closer look at loan rates based on credit scores and APR below!

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%

What is a Good Car Loan Rate? How to Get it

When shopping for a new or used car near San Jose, planning ahead will help you secure a great rate. First, you’ll need to check your credit history and note the score. A higher score will lead to a lower interest rate. This is a good opportunity to make any quick moves that can boost your score. Next, you’ll want to be ready to negotiate. So, what is a good car loan rate? Well, based on the chart above, it can range from 3.17% all the way up to 13.76%, depending on your credit score.

Once you find your place on the chart, you’ll know what a fair offer looks like. That way, if you head out to another dealer near Oakland, you’ll be equipped to negotiate if they make a poor offer. It’s also extremely important to pay close attention to all aspects of the offer before signing.

What is the Average Interest Rate on a Car Loan?

What is the average interest rate on a car loan? For most Fremont drivers, the average interest rate for a car loan is between 3% to 4.5%. However, it’s important to keep in mind that your credit score and financial status may yield a different offer. At the end of the day, the best way to ensure you’re getting the best deal is to shop around and field different offers. This will allow you to compare and make a savvy investment decision.

Turn to Del Grande Dealer Group for Automotive Guidance

When you’re ready to invest in your next vehicle, Del Grande Dealer Group is here to help. We have locations all throughout the Bay Area, and our finance teams can guide you through the purchase process— like letting you know what credit score is needed to finance. If you have any questions about finding your new ride, contact us today!

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