Not all car loans are created equal. In fact, where you apply for automotive financing can have a huge impact on what you’ll wind up paying for your monthly payment and what your interest rate will be. Of course, other factors like your credit score also factor into the picture. Want to learn more about what a good interest rate for a car loan is for your unique situation? We’ve compiled a new and used car APR table below to make finding out easy! Don’t hesitate to contact us with questions, though.
|Average Credit Score for New Car||Annual Percentage Rate||Average Credit Score for Used Car||Annual Percentage Rate|
Now that you know what a good interest rate is for a car loan given your credit, you may want to improve your odds of getting a lower rate by improving your credit score. If that’s the case, planning ahead will be your ally. Here are some concrete steps you can take to bet a better APR:
As you can see, what a good interest rate on a car loan is depends largely on your credit score. Accordingly, a “good” rate can be anywhere from 3.17% and 13.76%.
Some Great Neck and Brooklyn car shoppers wonder what a good interest rate is on a car loan. Math and statistics aficionados, however, may be more interested to know more about what the average interest rate on a car loan is. On average, for a three-year car loan, people pay between 3% to 4.5%.
Get in touch with ourfinance center if you have any additional questions about the car buying or leasing process in Astoria. We’ll help you with the loan application process and address any of your concerns about things like trading in your old car, putting money down, or securing the best rate. We can’t wait to help!
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