If you’re a car buyer, you’re probably thinking that underpaying is always better than overpaying, and we don’t blame you. It’s understandable, then, that you’d want to know what is a good interest rate for a car loan. The truth is, there is no “one-size-fits-all” interest rate that’s considered good when applying for automotive financing. Rather, there are many factors to consider, like your creditworthiness and where you apply for a loan. Ultimately, if you’re interested in seeing how your loan rate compares, the best course of action is to study average car loan interest rates by credit score. That said, let’s dive into those figures before you apply for financing!
|Average Credit Score for New Car||Annual Percentage Rate||Average Credit Score for Used Car||Annual Percentage Rate|
Getting the best interest rate given your unique needs is all about planning ahead. Here are some steps to take when doing so:
On a standard three-year auto loan, the average interest rate hovers between 3% to 4.5% depending on a myriad of factors. The lending institution that offers you a loan and your credit score will also factor into where in that continuum your proposed rate falls. Want the best rate possible? Do your homework and shop around from a variety of lenders until you get a rate that you think is fair! Feel free to contact our finance department with questions. too!
Now that you have an answer to the question, “What is a good car loan rate,” you’re ready to get approved for an auto loan that will give you access to the vehicle of your dreams! Our finance professionals can help you with the pre-approval process! Contact us to learn more about our unique financing process or to apply for financing! You can also check out our payment calculator to see how different interest rates could affect your monthly payments, or explore other finance FAQs like “what is Gap insurance?“. Whatever you do, we’re here to make it easier here at Ryan Nissan!
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