What is a Good Interest Rate for Your Car Loan?
It’s important to know what is a good interest rate for a car loan to avoid overpaying for your vehicle. To understand how interest rates relate to your credit score, let’s take a look at this chart provided by Weir Canyon Acura that could be useful to potential Costa Mesa buyers. It explains how your credit score relates to your interest rate for both new and used vehicles. For more information, feel free to contact us anytime!
New and Used Car APR
| 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?
To get the best interest rate and avoid overpaying, it’s important to make sure that you review your credit score, and make sure it’s up to pay. If your credit score is on the higher end of the spectrum, you can take advantage of lower interest rates. It’s also important to know how to negotiate the price of the vehicle. So, what is a good car loan rate? On average, a good car loan rate is around 3.16% and 13.76%, and is entirely dependent on your credit score. So, now that you’ve had a chance to look at the chart, it’s important to prepare for negotiation if the Tustin dealership provides you with a higher than average interest rate. Although interest rates are important, you should also keep in mind that you should also keep an eye on the offer you receive.
What is the Average Interest Rate on a Car Loan?
So, what is the average interest rate on a car loan? The average interest rate is usually somewhere around 3% to 5%. However, this is entirely based on your credit score, and your specific interest rate could vary significantly. So, the best way to avoid overpaying for your car loan around Anaheim is to apply to multiple lenders and see who provides the best rates.
Learn More About Auto Financing With Weir Canyon Acura
Now that you know what is a good interest rate for a car loan, come stop by Weir Canyon Acura to pick out your next ride! Browse our new vehicle inventory, and meet with our finance center to start the buying process! Be sure to take advantage of our offers and incentives to save near Montclair!
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