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What is a Good Interest Rate for Your Car Loan?

Drivers in the Harvey area don’t want to overpay for their new vehicles. Because of this, you may be wondering how to get the best interest rate possible. There are a few factors that play a role in determining what is a good car loan rate for you. Take a look at the chart provided below to learn more about the average new and used car loans based on credit scores and the APR, or Annual Percentage Rate, for that average. Once you have a better idea of what you can expect, you can begin the financing process from the comfort of your home.

New and Used Car APR

Average Credit Score for New Car Annual Percentage Rate Average Credit Score for Used Car Annual Percentage Rate
781-850 3.17% 781-850 3.8%
661-780 4.03% 661-780 5.48%
601-660 6.79% 601-660 10.1%
501-600 10.98% 501-600 16.27%
300-500 13.76% 300-500 19.32%

Secure the Best Interest Rate

You now know the answer to the question, “What is a good interest rate for a car loan?” You may also be wondering how to get the best possible rate. Planning ahead is very important. You will want to know the details of your credit history as well as your credit score. The higher the credit score, the lower your interest rate will be. Planning ahead also means being prepared to negotiate. So, what is a good car loan rate? Based on the chart above as well as your credit score, the answer to this question ranges from 3.17% and 13.76%.

If the offer you haven been given is higher 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 Interest Rate on a Car Loan?

For a three-year car loan, 3% to 4.5% is the average interest rate. Keep in mind that your credit score as well as where you’re getting the loan can have an effect on the rate. To ensure you are getting the best deal possible in the Metairie area, compare your car loans and interest by shopping around or getting pre-approved for financing.

Financing is Hassle-Free at Leson Chevrolet

If you are ready to begin the financing process, you can apply online from the comfort of your home in New Orleans. If you have any questions, feel free to reach out to us at your earliest convenience.

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Leson Chevrolet Company, Inc. 29.90488, -90.06572.