What is a Good Interest Rate for Your Car Loan?

Driver signing a car insurance

Drivers looking for the best possible interest rates when purchasing a new vehicle are in luck. At Ryan Chevrolet, our finance team has a breakdown of annual percentage rates depending on your credit score, which impacts car financing. Learn more about average new and used car loans based on the credit score and APR, then feel free to reach out to our finance experts with any questions or to get the process started.

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?

Wondering how to obtain the best possible interest rates? Take a look at your credit history to see what your score is. The higher the credit score, the lower the interest rate. If you notice your credit score is not the best, be prepared to negotiate for a lower interest rate. What is a good car loan rate? It can be anywhere from 3.17% to 13.76%, depending on your credit score. Want more specific percentages? Check our chart above.

After this, you’ll want to plan for the rate you want and be ready to negotiate if you’re offered something higher than you expected. But be careful, because the payment isn’t the only part of the loan contract you’ll want to pay attention to. You’ll want to pay close attention to the other details as well.

What is the Average Interest Rate on a Car Loan?

While the average interest rate on a three-year loan is around 3% to 4.5%, you may be offered different rates based on where your credit score is at. Either way, you’ll have a few options to go over before accepting an offer. You can compare your car loans and interest rates by shopping around or getting pre-approved to see the rates available to you from different lenders.

Apply for Financing at Ryan Chevrolet

Now that you have a basic idea of what a good interest rate for a car loan is, you can get behind the wheel of your favorite new vehicle from Ryan Chevrolet with confidence. Our finance team is here to help you get the rates you’re looking for. Contact us with any questions, to learn about extended warranties, and view our offers and incentives for savings, and more!

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