What is a good interest rate for a 60-month car loan?

The average auto loan interest rate was 5.61% for a new car, and 9.65% for a used car, according to Experian data from the first quarter of 2020....Loans under 60 months have lower interest rates.Loan termAverage interest rate72-month car loan4.36% APR3 more rows•Aug 31, 2020

5.07%People with good credit scores of 700–749 average an interest rate of 5.07% for a new car and 5.32% for a used car.

For an auto loan, 4.75% is probably a good interest rate. ... As of August 2019, anything under 5% is going to be a good auto loan rate, and anything under 4% would be excellent. If your current rate is higher than this and you have decent credit, you may be able to refinance to a lower rate.

The average new car loan amount for superprime drivers is $29,620, according to Experian, so you might qualify for the good (or prime) rate of 5.9% on a $29,620 loan paid over 60 months.

At a rate of 5.9%, your monthly payments will be $572 and you'll pay $4,649 in interest..

Most significantly, the average annual percentage rate (APR) on a 55- to 60-month car loan is 2.41%, Montoya says. It's more than twice that – 5.99% – for a loan with a term of 67 to 72 months. That higher rate translates into a lot more interest paid over the life of the loan.

Credit Score of 550: Car LoansLoan TypeCredit ScoreRate55016.93%48-month new auto65011.05%55019.95%60-month new auto65011.16%2 more rows.

A credit score of 660 or up should get you a car loan at a good interest rate, and lower scores can still qualify....Car loan rates by credit score.Credit scoreAverage APR, new carAverage APR, used carSubprime: 501-60011.92%17.74%Deep subprime: 300-50014.39%20.45%4 more rows

The Average Interest Rates for Car Loans with Bad CreditCredit Tier (Credit Score)Average New Car Loan Interest RateAverage Used Car Loan Interest RateSuper prime (781-850)2.65%3.80%Prime (661-780)3.69%5.59%Nonprime (601-660)6.64%10.13%Subprime (501-600)10.58%16.56%1 more row

The national average for US auto loan interest rates is 5.27% on 60 month loans. For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender's risk in offering a loan.

Average Used Car Loan Interest Rates by Credit Although there's always going to be some wiggle room, the average used car loan interest rates are as follows: Excellent Credit (750 or Higher) – 5.1% APR. Good Credit (700 to 749) – 4.91% APR. Average Credit (600 to 699) – 5.89% APR.

3.91%The average new car's interest rate in 2020 was 4.31% and 8.43% for used, according to Experian....Loans under 60 months have lower interest rates.Loan termAverage interest rate60-month car loan3.91% APR72-month car loan4.06% APR2 more rows•Apr 14, 2021

4.21%Average Interest Rates by Term LengthAuto Loan TermAverage Interest Rate36 Month4.21%48 Month4.31%60 Month4.37%72 Month4.45%May 12, 2021

How your credit score affects the cost of a car loanFICO® Score Range60-Month New Auto Loan APR48-Month New Auto Loan APR690-7195.86%5.82%660-6898.13%8.08%620-65911.22%11.15%590-61915.90%15.82%2 more rows

4.06%The average 72-month auto loan rate is almost 0.3% higher than the typical 36-month loan's interest rate....Loans under 60 months have lower interest rates.Loan termAverage interest rate36-month car loan3.77% APR48-month car loan3.83% APR60-month car loan3.91% APR72-month car loan4.06% APRApr 14, 2021

5.27%The national average for US auto loan interest rates is 5.27% on 60 month loans. For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender's risk in offering a loan.

But if your FICO score is 720 or above, you can qualify for 4.6% on a new car with a lower monthly payment of $554, saving you $18 each month and $1,078 over the life of the loan..

Nerdwallet points out that, “at the end of 2017, the average credit score for a new-car loan was 713, and 656 for a used-car loan, according to an Experian report.

But nearly 20% of car loans go to borrowers with credit scores below 600, according to Experian.

Almost 4% go to those with scores below 500.”.

How your credit score affects the cost of a car loanFICO® Score Range60-Month New Auto Loan APR48-Month Used Auto Loan APR720-8504.52%5.34%690-7195.86%7.02%660-6898.13%8.78%620-65911.22%10.93%2 more rows

The average 60-month new car loan finished 2019 at 4.61 percent, according to Bankrate data, while the average 48-month used car loan finished at 4.57 percent. The average 36-month used car loan finished the year at 5.13 percent.

A good loan rate should never exceed 5.5% provided that you have a good credit rating. ... Overall, in today's market, with good credit, good used car interest rates range between 5-6.5%. If you work hard enough, you may even be able to persuade a lender to grant your used car loan at 4.5%.

Average Used Car Loan Interest Rates by Credit Excellent Credit (750 or Higher) – 5.1% APR. Good Credit (700 to 749) – 4.91% APR. Average Credit (600 to 699) – 5.89% APR. Poor Credit (451 to 599) – 11.24% APR.

Average business loan interest rate by loan typeLoan typeAnnual interest rate (AIR)SBA loan7.75% to 10.25%Online loan7% to 100%Merchant cash advance20% to 250%Invoice financing13% to 60%1 more row•4 days ago

Average Auto Loan Rates for Good CreditCredit ScoreNew Car LoanRefinance Car Loan700-7494.73%4.69%Aug 7, 2020

Best Overall Auto Loan Rates: PenFed Credit Union Our top pick for auto loan rates, PenFed Credit Union, offers some of the lowest rates available. At PenFed, rates for 36-month new and refinance loans start as low as 2.14%, while used auto loan rates start as low as 2.99% for a 36-month term.

Used Car Loan Interest Rates Comparison, Lowest EMI Aug 2020, Best RatesBankCar Loan Interest RatesMaximum Loan AmountHDFC Bank Car Loan13.75% Fixed100% of market valueSBI Car Loan9.75% Floating85% of on-road priceICICI Bank Car Loan14.25% Fixed80% of market valueKotak Bank17.00% Fixed90% of market value10 more rows

What is the average interest rate for a car loan? The average buyer can expect to pay anywhere between 4.5% to 6% interest on their car loan, depending on whether the car is new or used and whether the interest rate is fixed or variable.

5.27%The national average for US auto loan interest rates is 5.27% on 60 month loans....Average Interest Rates by Term Length.Auto Loan TermAverage Interest Rate72 Month4.45%3 more rows•Apr 13, 2020

For used car purchases, interest rates can be as high as 19.7%, or as low as 4.66%. As Experian data shows, the difference in interest rates between a borrower with good credit and a borrower with poor credit could be as high as 10%.

Once you know your credit score, you can figure out if you can qualify for the best car loan rates. Dealerships will often advertise very good interest rates on new cars: 2.9%, 1.9%, sometimes even 0%.

A target credit score of 660 or above should get you a car loan with an interest rate around 6% or below. That data comes from a June 2020 report from credit bureau Experian.

5.27%Get Personal Loan Rates The national average for US auto loan interest rates is 5.27% on 60 month loans.

11.69%The average car loan interest rate for people with a fair credit score of 650–699 is 11.69% for a new car and 11.94% for a used car.

The actual rate is 29.90% or 46.90% depending upon credit score, credit usage and history. Installment Loan repayment terms range from 12 to 60 months based on amount borrowed. For example, a $4,500 loan paid in 36 monthly installments is $234.98 per month based on a 46.90% APR.

Average Used Auto Loan Rate for Good CreditCredit ScoreInterest Rate700-7496.34%Feb 4, 2021

3.91%The average new car's interest rate in 2021 is 4.12% and 8.70% for used, according to Experian....Loans under 60 months have lower interest rates.Loan termAverage interest rate60-month car loan3.91% APR72-month car loan4.06% APR2 more rows

Average Used Car Loan Interest Rates by Credit Although there's always going to be some wiggle room, the average used car loan interest rates are as follows: Excellent Credit (750 or Higher) – 5.1% APR. Good Credit (700 to 749) – 4.91% APR. Average Credit (600 to 699) – 5.89% APR.

What is the average interest rate for a car loan?

Credit Score of 550: Car LoansLoan TypeCredit ScoreRate55016.93%48-month new auto65011.05%55019.95%60-month new auto65011.16%2 more rows

Fair Credit (650–699) The average car loan interest rate for people with a fair credit score of 650–699 is 11.69% for a new car and 11.94% for a used car.

The average car loan interest rate for people with a fair credit score of 650–699 is 11.69% for a new car and 11.94% for a used car..

Auto loan: 720 For example, if your score is 700, or “good,” you can qualify for 6% on $29,620 loan (the average new car loan amount) paid over 60 months with a monthly payment of $572 and $4,701 in interest.

The interest rate on your auto loan will depend largely on your credit score, and whether you're buying a new or used vehicle. The average APR for a borrower with good credit (a score between 661 and 780) was 4.96% for a new car purchase, and 6.36% for a used car purchase, according to Experian data from 2019.

It also found that, on average, the credit score needed for a used-car loan was 657 while the average credit score needed for a new-car loan was 721....Car loan rates by credit score.Credit scoreAverage APR, new carAverage APR, used carSubprime: 501-60011.92%17.74%Deep subprime: 300-50014.39%20.45%4 more rows

Credit Score of 540: Car LoansLoan TypeCredit ScoreRate48-month new auto6409.33%54014.80%60-month new auto6409.40%54014.78%2 more rows

Auto Loan Rates in February 2021Credit ScoreNew Car LoanRefinance Car Loan750 or higher2.49%2.39%700-7492.49%2.39%600-6992.49%2.49%451-5996.76%3.49%1 more row•Feb 3, 2021

4.5% to 10%The national averages for Canadian auto loan interest rates are between 4.5% to 10% on a car loan. A few factors are involved depending on credit score, whether the car is new or used, the history of the car being financed and whether the interest rate is fixed or variable.

Average Auto Loan Rates for Excellent CreditCredit ScoreNew Car LoanUsed Car Loan750 or higher2.49%2.74%Feb 3, 2021

7.50%SBI Car Loan Calculator India 2021 Lowest car loan interest rate currently offered by SBI is 7.50%, for which the EMI per ₹ 1 Lakh loan amount comes to ₹ 4,500 for a 2 year loan and ₹ 2,004 for a 5 year loan.

Here's the average auto loan interest rate by credit score, loan term, and lenderCredit score categoryAverage loan APR for new carAverage loan APR for used carSubprime (501 to 600)11.92%17.74%Non-prime (601 to 660)7.65%11.26%Prime (661 to 780)4.68%6.04%Super Prime (781 to 850)3.65%4.29%1 more row•Aug 31, 2020.

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