What is a Good Interest Rate on a Car Loan?
So, what is a good interest rate on a car loan? In order to get the APR you desire, the first thing you’ll want to do is plan ahead. Check your credit history and score. The higher the credit score, the lower your car loan interest rate. You’ll also want to be prepared to negotiate. So what is a good APR for a car? It can be anywhere between 3.17% and 13.76% based on your credit score. Peoria drivers should always be prepared to negotiate if offered something higher than expected. Another thing to be careful of is the overall offer. You don’t only want to focus on the payment and ignore the rest of the deal, so pay close attention to the details. What is a good interest rate on a car loan for your Bloomington family? Read on to learn more.
Average APR for Car Loan
Explore the average APR for car loans with the Sam Leman Automotive Group finance team. On a three-year car loan, the average car loan interest rate is typically around 3% to 4.5%. APR offers may differ based on your credit score as well as where you’re getting the loan. In the end, the easiest way to compare rates or even discuss vehicle refinancing to lower your current rate is to shop around or get pre-approved and compare that way.
Average APR for Car Loan Based on Credit Score
What is the average APR for car loans based on your credit score? Check out the helpful chart below.
| Average Credit Score for New Car | New Car Annual Percentage Rate | Average Credit Score for Used Car | 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 APR for a Car, and How Do You Find One?
While a low car loan rate can save Peoria drivers in the long run, there are other ways to ensure you’re making a savvy purchase with your new or used vehicle, including:
- Shopping new and used vehicle specials
- Considering leasing vs. buying
- Trading-in your current vehicle
Find Out Your Car Loan APR with the Sam Leman Automotive Group Finance Experts
The Sam Leman Automotive Group finance team can help you see how your car loan interest rates stack up against the average APR for car loans in the marketplace. We’ll help get you behind the wheel of your dream vehicle at a reasonable rate. Contact us to compare finance rates or to get the process started with Sam Leman Automotive Group today.