WHAT IS A GOOD INTEREST RATE FOR YOUR CAR LOAN?
When it comes to auto loan financing, you want to avoid overpaying and get a better sense of the ideal interest rate for your car loan. Not to mention, you want to keep your credit score intact. So, what is a good interest rate for a car loan? At Gwatney Chevrolet Company, our finance experts have been helping Cabot and Jacksonville customers find their next new or used vehicle at the right price since our doors opened.
When it comes to new and used car loans, they're based on both your credit score and the Annual Percentage Rate or APR. After you learn more about this, feel free to apply for financing online to get the ball rolling. Don't forget to call us at (501) 502-2145 or contact us online for a test drive as well.
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% |
How Do You Get the Best Interest Rate?
We've gotten a lot of questions about auto loan financing over the years. such as, "How do you get the best interest rate?" For curious Sherwood buyers, we recommend planning ahead as much as possible. Review your credit history and your score. If it's higher, you'll have a lower interest rate.
At the same time, be prepared to negotiate. What is a good interest rate for a car loan? Depending on what the chart says above, between 3.17% and 13.76% can a fair rate, depending on your credit score. Plan the rate you want and remember to negotiate. Always make sure to review everything associated with the deal. Some buyers will only look at the payments and ignore everything else.
What is the Average Interest Rate on a Car Loan?
In terms of a three-year car loan, the average interest rate is between 3 and 4.5%. However, this can be different, depending on your credit score, as well as where you're getting the loan from. It's best to compare your car loans and interest rates to shop around to get pre-approved in that fashion.
Take the First Car Finance Step with Gwatney Chevrolet Company in Jacksonville
Now that you know what is a good interest rate for a car loan, it's time to take the next step. If you're in the market for your next vehicle, Gwatney Chevrolet Company is the place to go. Our finance center can help you through the whole pre-approval process and get behind your ideal configuration as soon as possible. Don't forget to check out our new and used vehicle specials and see how much you might be able to save. Whether it's financing your next car, or learning how to bleed brakes in Jacksonville, Gwatney Chevrolet Company is the place to go for the info you need.