What is a Good Interest Rate for a Car Loan?

Credit information form

What is a good interest rate for a car loan? This question is common among Newton drivers who are in the market for a new or certified pre-owned vehicle. Thinking about interest rates can feel confusing, so the finance center has gathered helpful information to demystify the car loan process below!

New and Used Car APR

New Car APR Rate

Average Credit Score

Used Car APR Rate

3.17%

781-850

3.8%
4.03%

661-780

5.48%
6.79%

601-660

10.1%
10.98%

501-600

16.27%
13.76%

300-500

19.32%

What is a Good Car Loan Rate?

As you may expect, learning what is a good car loan rate involves learning about your credit score. The chart above can help Sussex drivers know what interest rate to expect before they start negotiating for a new or used car.

A very good credit score will get you a 3.17% APR, but less-than-ideal credit doesn’t have to stop you from achieving a reasonable deal on a car loan. Dealerships with in-house financing can help with this issue, as they want to see you in a new car as much as you do!

What is the Average Interest Rate of a Car Loan?

Some ask, “What is a good interest rate for a car loan?” Still, other Hackettstown drivers are wondering, “What is the average interest rate on a car loan?” For a three-year loan, with solid credit, the average is 3% to 4.5%. For a used vehicle, this can be slightly higher, changing those numbers to 3.8% to 5.48%

Other ways to save money on a vehicle include trading in a car. Like payment calculators, there are online tools to help you value your trade and get a lay of the land! Good car deals aren’t just pre-determined by your credit score.

Learn More about Financing with Mercedes-Benz of Newton!

Are you asking yourself questions like, “What is a good interest rate for a car loan?” The experts at Mercedes-Benz of Newton are here to help you out! Let us help you find all the information on car rates and loan refinancing. We’re proud to assist drivers from Newton to Hamburg with their financing options and plenty of other useful car buying tips. For any and all questions, contact us today!

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92 Hampton House Rd • Newton, NJ 07860

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Mercedes-Benz of Newton 41.0792303, -74.736367.