What is a Good Interest Rate for Your Car Loan?

Finance Agreement

When looking for a car loan near Cincinnati, you want to be sure that you don’t overpay, but what is a good interest rate for your car loan? Check our chart to see what kinds of rates you can expect for your particular credit score, and keep reading to learn answers to questions like, “What is the average interest rate on a car loan?” “What is a good car loan rate?” and “How do you get a good interest rate on a car loan?” Once you know more, we’ll be able to approve you for financing in no time.

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?

To get the best interest rates in Middletown, the first thing you’ll need to do is plan ahead. Developing a good credit score and checking your credit history ahead of time can help you be prepared to negotiate when deciding on a loan agreement. The answer to “what is a good car loan rate?” can be anywhere from 3.17% to 13.76% depending on your credit score, so by being better informed you can negotiate for a better rate. 

What is the Average Interest Rate on a Car Loan?

If you’re wondering about the question, “what is the average interest rate on a car loan?” then you should know that on a three-year car loan, the average interest rate is around 3% to 4.5%. However, you’ll likely be offered different interest rates in Lebanon based on your credit score and where you’re getting the loan. 

Learn More About What is a Good Car Loan Rate From Joe Morgan Honda 

By speaking with our finance center,you can learn more about how to get a good interest rate on your car loan and stop having to ask what is a good interest rate for your car loan. Contact us to compare rates, or if you have any other questions about how to start the process! 

 

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