What is a good auto loan interest rate?

What is a good auto loan interest rate?

The average auto loan rate is 4.07% for new cars and 8.62% for used cars, but shop around to get the best deal….Average car loan interest rates.

Credit score Average APR, new car Average APR, used car
Prime: 661-780. 3.56%. 5.58%.
Nonprime: 601-660. 6.70%. 10.48%.
Subprime: 501-600. 10.87%. 17.29%.

Is 6.9 a good interest rate for a car?

For used vehicles, the average interest rate can range from 3.61% APR with Super Prime to 19.87% for Deep Subprime. If you can get a rate under 6% for a used car, this is likely to be considered a good APR.

Is a 5.9 interest rate good?

On a 36-month loan, 5.9% APR with above-average credit is a bad rate. If you see a rate this high with captive financing, it could be because it’s for a longer-term loan.

Can I buy a car with 726 credit score?

726 credit score car loan options A 726 score should easily secure you a car loan. On average, your score should get you an interest rate between 3.6- 4.6 and between – and 6 percent on a used car. Scores above 720 are more likely to net you the lower percentage rates.

What APR will I get with a 720 credit score?

How credit scores affect the cost of a car loan

FICO® Score Range 60-Month New Auto Loan APR 48-Month New Auto Loan APR
720-850 4.52% 4.48%
690-719 5.86% 5.82%
660-689 8.13% 8.08%
620-659 11.22% 11.15%

Can you negotiate an auto loan?

Yes, just like the price of the vehicle, the interest rate is negotiable. The first rate for the loan the dealer offers you may not be the lowest rate you qualify for. With dealer-arranged financing, the dealer collects information from you and forwards that information to one or more prospective auto lenders.