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.
| 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% |
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!
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.
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:
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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