What is a Good Interest Rate for a Car Loan?

Signing a car purchase contract

When you’re shopping for a new car in Lakeland, you want to make sure you get a great deal on your car’s price. You also want to know you’re getting a good deal on your loan. The finance department at Stingray Chevrolet has the answers you need to recognize a good car loan rate.

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 Interest Rate for Car Loan?

If you’re a Valrico driver with a credit score above 700, you’ll have a lower interest rate than someone with bad credit. The typical interest rate for someone with good credit is around three percent or lower. You’ll typically get a better interest rate with a simple interest car loan than a compound loan. See below to learn more!

What is the Average Interest Rate on a Car Loan?

Most drivers are going to land somewhere in the middle of the credit rating spectrum. If you’re in that majority and asking, “What is an average interest rate on a car loan,” the answer is around 3-5 percent.

What is a Good Car Loan Rate & How to Get One

Many car shoppers are looking to improve their car loan interest rates in Brandon. Anything below 650 is considered bad credit. Whether you’re wondering, “What is a good interest rate for a car loan,” or, “What is an average interest rate on a car loan,” here’s how you can improve your credit and get a better rate:

  • Don’t get discouraged. Look at how your credit score got low in the first place and see where it’s improved. If you’ve been rebuilding credit, your credit score might still be low but your recent prompt payment history will appeal to lenders.
  • Bring proof of your income and stability. Pay stubs, proof of address and insurance, and proof that you’re currently employed can help.
  • Make a higher down payment. This will mean that you’ll need to borrow less money.
  • Shop around to different lenders and see how their car loan rates compare. Consider a loan for a used car instead of a new car. Used car loan rates are a few percentage points lower.
Buying a car

Finance Your Car with Stingray Chevrolet

Now that you know what the average interest rate on a car loan is, and how to recognize a good car loan interest rate, apply for financing with Stingray Chevrolet.

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Stingray Chevrolet 28.0399929, -82.1023019.