Best answer

The average new car's interest rate in 2020 was 4.31% and 8.43% for used, according to Experian.

Credit score, whether the car is new or used, and loan term largely determine interest rates.

The average rate dropped in 2020, down from 5.15% for new and 9.69% for used in the second quarter..

Answered by: ChristopheD Date created: May 24, 2022

What kind of auto loan interest rate can I get with a 700 credit score?

Asked By: Karel Debedts Date created: May 24, 2022

Cost of a $16,000 Five-Year Car Loan on a Used VehicleCredit ScoreInterest RateMonthly Payment750 or higher5.19%$303700-7496.46%$313600-69910.87%$347451-59916.95%$3971 more row•Oct 6, 2020

Answered By: cwallenpoole Date created: May 25, 2022

What interest rate can I get on a car loan with a 750 credit score?

Asked By: Ynetter Date created: May 15, 2022

Auto Loan Rates in February 2020

Credit ScoreNew Car LoanUsed Car Loan
750+4.98%5.23%
700 - 7495.07%5.32%
650 - 69911.69%11.94%
450 - 64917.08%17.33%
Answered By: El houcine bougarfaoui Date created: May 17, 2022

What auto loan rate can I get with a 640 credit score?

Asked By: Xeo Date created: May 26, 2022

Auto loans

LenderAPR rangeMinimum requirements
Learn more2.74% to 27%Credit score: 500 Loan amount: $8,000
Learn moreAs low as 2.99% (with discounts)Credit score: 640 Loan amount: $250
Note: APR is used to evaluate the true cost of borrowing money and includes the interest rate.
Answered By: Mark Amery Date created: May 29, 2022

Can I lower my car interest rate without refinancing?

Asked By: a2br Date created: May 25, 2022

Lowering Interest Charges on Your Auto Loan You don't have to refinance to save some money on interest charges, though. Auto loans are typically simple interest loans, which means you're charged interest daily on what you owe.

Answered By: Marcelo Avila Date created: May 27, 2022

How can I negotiate a lower interest rate on a car loan?

Asked By: trojanfoe Date created: May 23, 2022

Other Ways to Reduce Your Auto Loan Interest RateMake a larger down payment. The more you borrow from a lender, the more it stands to lose if you default on your payments. ... Reduce the sales price. Again, the less money you borrow, the less of a risk you pose to lenders. ... Opt for a shorter repayment term. ... Get a cosigner.Mar 25, 2020

Answered By: potter1024 Date created: May 26, 2022

How do I get the best interest rate on a car loan?

Asked By: Mark B Date created: May 22, 2022

Take these steps before you buy a car:Check and Improve Your Credit. Before you start shopping for an auto loan, take the time to check your credit score. ... Save Up for a Down Payment. The amount of your down payment can make a big difference in your auto loan's rate. ... Shop Around for Your Loan.May 26, 2021

Answered By: anthony Date created: May 22, 2022

Is 6 a good interest rate for a car loan?

Asked By: Peter Lang Date created: May 18, 2022

An auto loan's interest rate will depend largely on your credit score. Those with a credit score between 781 and 850 saw an average new car interest rate of 2.65% in 2020....Average used car loan interest rate.Credit score rangeAverage interest rate501 to 60016.56%601 to 66010.13%661 and 7805.59%780 to 8503.8%1 more row•Apr 23, 2021

Answered By: vartec Date created: May 18, 2022

Is a 4 interest rate good?

Asked By: Colonel Panic Date created: May 09, 2022

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.

Answered By: Ignacio Vazquez-Abrams Date created: May 10, 2022

Is a 4.75 interest rate good?

Asked By: Egzon P. Date created: May 19, 2022

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.

Answered By: Julian Date created: May 20, 2022

What car interest rate can I get with a 750 credit score?

Asked By: Tarun Lalwani Date created: May 16, 2022

Average Auto Loan Rates for Excellent CreditCredit ScoreNew Car LoanUsed Car Loan750 or higher2.49%2.74%Feb 3, 2018

Answered By: DaImTo Date created: May 17, 2022

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What is a good APR for a car loan with my credit score and desired vehicle.

If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car.

If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car..

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What is a good APR rate for a car loan?

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