Credit Score

What is a Good Interest Rate for a Car Loan?

There’s an important question every driver should have the answer to when they’re shopping for a new vehicle: ‘What is a good interest rate for a car loan?’ Knowing about good interest rates can help you avoid overpaying and ensure you get the best finance package available, so we’ve put together a quick guide covering new and used car loans based on credit scores and APR (Annual Percentage Rate).

New and Used Car APR

Average APR by credit score on new car loans:

  • 781-850: 3.17% APR
  • 661-780: 4.03% APR
  • 601-660: 6.79% APR
  • 501-600: 10.98% APR
  • 300-500: 13.76% APR

Average APR by credit score on used car loans:

  • 781-850: 3.80% APR
  • 661-780: 5.48% APR
  • 601-660: 10.10% APR
  • 501-600: 16.27% APR
  • 300-500: 19.32% APR

How Do You Get a Good Interest Rate?

Learning what is the average interest rate on a car loan is one thing, but how can you make sure you end up on the right side of that average? Start by checking your credit history and noting the score – the higher your credit score, the lower your interest rate should be. You can use the information given above to ensure you get an interest rate that matches.

And what is a good car loan rate? It can range between 3.17% and 13.76% based on credit score. If you’re offered a higher rate than you anticipated, feel free to visit another showroom around East Baton Rouge or Ascension. You should also look at all the details to avoid focusing on the payment amount alone.

What is the Average Interest Rate on a Car Loan?

Take out a standard three-year car loan from your average Livingston dealership and you should find the rate is between 3% and 4.5%. Again, this can vary according to your credit score and where you apply. Getting pre-approved lets you check out other available offers and feel more confident you’re getting a good deal.

Secure the Best Finance Deal at Acura of Baton Rouge 

We’re happy to offer everything from financing advice to new vehicle specials to help you get a deal that matches your own financial situation. For any further assistance, feel free to contact us today.

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