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What is a Good Interest Rate for Your Car Loan?

Don’t overpay for your next new vehicle at Leson Chevrolet Company, Inc. in Harvey. That’s why we have a guide to what a good interest rate on a car loan is for your Gretna drives. You’ll need to consider a few factors that play a role in determining what is a good car loan rate for you.

Start by looking at our chart below to see the average car loan interest rates by credit score. Once you have a better idea of what you can expect, you can begin the financing process from the comfort of your home in Marrero when you apply for financing.

Average Car Loan Interest Rates by Credit Score

Average Credit Score for New Car Annual Percentage Rate Average Credit Score for Used Car Annual Percentage Rate
781-850 5.38% 781-850 6.80%
661-780 6.89% 661-780 9.04%
601-660 9.62% 601-660 13.72%
501-600 12.85% 501-600 18.97%
300-500 15.62% 300-500 21.57%

As you can see, the higher your credit score, the lower your auto loan interest rate could be. However, these are just average figures. Your actual results may vary. But always aim for a good interest rate on a car loan for your lifestyle in Belle Chasse.

It looks like the best auto loan interest rate goes from 5.38% to 9.63% for new vehicles and 6.80% to 13.72% for used vehicles or certified pre-owned models.

How to Secure the Best Auto Loan Interest Rate

So, when you try to get a good interest rate on a car loan, planning ahead is very important if you think you have less-than-stellar credit. Research the details of your credit history as well as your credit score with a free credit history report. You get one free report every year from the big three credit bureaus.

The higher the credit score, the lower your interest rate will be. Planning ahead also means being prepared to negotiate. If the offer you have been given has a higher auto loan interest rate than what you expected, you can try to negotiate a lower rate. Remember to also look at all of the terms of your offer, not just what your monthly payments will be. Pay close attention to the details.

What Is the Average Auto Loan Interest Rate?

For a three-year car loan, 6.73% is the average auto loan interest rate. Keep in mind that your credit score as well as where you’re getting the loan can affect the rate. We highly recommend comparing your car loans and interest rates by shopping around or getting pre-approved for financing. You don’t have to go with your first offer because auto lenders vary with their standards.

Hassle-Free Auto Loan Financing at Leson Chevrolet Company, Inc.

Have more questions about a good interest rate on a car loan? Contact us or call (504) 867-6852 to speak to our finance team. Tap into our tools, such as a payment calculator, to develop a monthly budget and our trade-in valuation tool to see how much a trade-in might be worth.

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Leson Chevrolet Company, Inc. 29.90488, -90.06572.