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As you already know, every loan comes with an annual percentage rate, or APR — the annual interest rate you pay on your car loan. It combines the yearly rate and all other fees you’ll pay to get your loan. The lower the rate, the better. What’s an average APR for a used car loan? If you look at the chart below, you’ll see that lower interest rates correspond to higher credit scores:
750 and Higher
700 to 749
Drivers near Beavercreek are offered the lowest interest rates because lenders perceive these borrowers as the most trustworthy. Your new vehicle interest rate can range between 3.17% and 13.76%. If you’re concerned about what is a good car loan rate for a Springfield-area buyer with a low credit score, don’t despair! Many dealerships are flexible and will negotiate with you to get a better deal. Plus, your interest rate is only one part of the equation. Details of the deal, like the down payment and trade-in value, can have an effect on your interest rate, too.
You’ve seen the highs and lows, but what is the average interest rate on a car loan? The figures vary by region, but for the Wilmington area, anywhere between 3% and 4.5% is the average. Remember that your particular rate will depend on many different factors that combine to form your unique profile as a borrower. Credit history, whether it’s a new or used vehicle, car model and trim, loan term, and yearly income are just a few. It’s a good idea to check out which of these factors you can easily improve and to get pre-approved before you apply for your loan.
You’ve learned what is a good interest rate for a car loan, but we understand that the financing process can be complicated — especially for first-time buyers. If you’d like to receive one-on-one advice based on your unique needs, our financing and loan experts are here to help. Take a minute to check out our blog for more car-buying tips, and then reach out to us at Key Chrysler Jeep Dodge Ram FIAT in Xenia to set up an appointment, and we’ll be happy to answer any other questions. We look forward to working with you to find your perfect car at a great rate!