Whether you’re shopping for a new vehicle, a like-new certified pre-owned model, or a quality used vehicle in Central IL, you want to pay the lowest amount for a monthly auto loan by getting the best car finance rates. Our finance team is here to help you get the perfect vehicle with the right auto loan that fits your situation. It starts with getting the right interest rate, sometimes called an annual percentage rate (APR).
To give you an idea of what a typical APR for a car loan is, we have a guide to show you how your credit score can affect the interest rate for your auto loan. The team at Sam Leman Automotive Group is here to help you find the average interest rate for a car loan and the current interest rates for car loans. Then, we’ll answer frequently asked questions about what a good APR for a car is. Read on to learn more!
Like all other auto loans or any loan you get from a bank, credit union, or auto lender, there will be an interest rate attached to the loan. This interest rate is the amount the lender charges you for borrowing money to pay for your vehicle. You might see this figure as the annual percentage rate (APR).
The interest rate you get is determined by several factors, including:
In general, the better your credit score, the lower your interest rate, because lenders will see you as a good risk when lending you money. You can lower your interest rate by making a larger down payment, offering to make larger monthly payments, and improving your credit score before beginning the buying process. So, if you can wait to get a vehicle, raise your credit score to get a lower-than-typical APR for a car loan. If you need additional help, learn more about our credit score tips online.
When trying to figure out the interest rate on a car loan, take these steps to calculate your first payment:
Using this simple formula, you can find out the typical APR for a car loan in your situation.
We have a handy list that shows the average car loan interest rates based on credit scores. These are just estimates for you and your family. You won’t find out what a good APR for a car is until you actually apply for financing and pre-qualify for a loan.
The following lists show a range of credit scores, the average rate for a new vehicle, and the average pre-owned vehicle rate. These may change over time, but these will give you the typical APR for a car loan based on credit scores. This information reflects January 2025 information, according to U.S. News & World Report:
As you can see, the higher your credit score, the lower your auto loan interest rate could be. There are some things you can do to make sure you qualify for the best car finance rate. First, check your credit score and report. Make a note of your current score, review your credit report, and dispute any errors. The higher your score, the lower your typical APR for a car loan will be.
Take the time to shop around for several offers. You don’t have to accept the initial offers you come across through us, your bank, or your credit union. You can find an offer that meets your needs. If you have more questions about what a good APR for a car is, don’t hesitate to reach out to our team for more information.
Our finance team is more than happy to help you through the process of getting an auto loan and locking in the best rates for your situation. Contact us or call to speak to a member of our staff.
You don't have any saved vehicles!
Look for this link on your favorites:
Once you've saved some vehicles, you can view them here at any time.
• Central IL, IL
Get Directions