What is a Good Interest Rate for a Car Loan?

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There’s so much to consider when you’re thinking about buying a car. From exterior and interior colors to packages to overall budget, it’s no wonder sometimes Taylor car buyers get overwhelmed. But here at Nyle Maxwell CDJR of Taylor, our primary concern is your customer satisfaction. Accordingly, we’re here to help you with the entirety of the car or SUV buying experience. That includes, of course, walking you through what a good interest rate for a car loan is based on your creditworthiness. Learn more about the average interest rate on a car loan by credit score and term below! Then contact us with all additional questions. 

 

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%

How Do You Get the Best Interest Rate?

Looking to get the best interest rate you can when shopping for your next car? The first, and best thing to do is to have a plan. What will you want to include in your plan? Easy. First, check your credit history and credit score. A higher score indicates that you have more creditworthiness, and thus, may be eligible for a better interest rate. The opposite is true for a lower credit score.

What Is a Good Car Loan Rate?

Next, you’ll probably be wondering “what is a good car loan rate?”. As you can see by glancing at the chart above, a good rate could be anywhere between 3.17% and 13.76%, depending on your credit score. Finally, be ready to negotiate interest rates if you’re offered something that’s lower than you think is fair. Another thing to be careful of is the offer in its entirety (think of the details). Namely, you don’t only want to focus solely on monthly payments at the expense of everything else.

What is the Average Interest Rate on a Car Loan in Taylor?

The average interest rate on a car loan around Cameron and College Station is between 3% to 4.5%. That said, this amount may vary based on your credit score and the lender you go to. Want the best deal? Make sure to shop around, and don’t hesitate to reach out to us with questions. We’re here to help.

Apply for Financing at Nyle Maxwell CDJR of Taylor

The experts at our finance center are here to help you through the pre-approval process and get you into the right car, truck, or SUV for a great rate. Get in touch to learn more about our dealership financing solutions or read our Car Buying Tips for more information.

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