What is a Good Interest Rate for a Car Loan?

Keys on calculator

Many drivers shopping for a new Jaguar vehicle near Mainline naturally want to do what they can to not overpay for their next vehicle. The best way to do this is by understanding what might be considered a good interest rate for a car loan. With your credit score in mind, our financial experts created a chart that breaks down the average interest rates on a car loan based on credit score, along with some tips for how to obtain the best rate possible. Get all of the details with Jaguar Willow Grove before getting pre-approved for financing.

Average New and Used Car APR

Average New-Car Loan Annual Percentage Rate Average Used-Car Loan 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 to Get the Best Interest Rate

To get the best interest rate, start by taking a look at your credit score. The higher the credit score, the lower your interest rate will be. However, it’s good to be ready to negotiate. So, what is a good car loan rate? Looking at the chart above, it is anywhere between 3.17% and 13.76% depending on your credit score. Even after taking a look at the chart, you can start planning around the rate you want, but be prepared to negotiate as you may get offered a number higher than you expected.

What is the Average Interest Rate on a Car Loan?

If you opt for a three-year car loan, the average interior rate is around 3% to 4.5%. However, you could get a different offer based on your credit score, as well as the type of loan that you are getting. The easiest way to compare your car loans and interest rates is by shopping around the Doylestown and Fort Washington areas, or get pre-approved and compare your rates that way.

Get More Car Financing Tips From Jaguar Willow Grove

Our finance center can help you with the pre-approval process, get an estimate on your monthly payments, and get you behind the driver’s seat of your dream vehicle at a reasonable rate. Contact us to compare rates or to schedule your test drive!

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