What is a good interest rate for your car loan? While the answer depends on your credit score, this is one question that no driver can afford to ignore. Getting a below-average interest rate could help you save money on every monthly payment,
So, what is a good car loan rate for your credit score? Check the table below, then apply for financing with Ray Brandt Kia!
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% |
What is the average rate for a car loan? Although your credit score is the primary determining factor, the average car loan rate is also affected by whether you choose to buy new or buy used. However, in either case, the average car loan interest rate generally falls between 3% and 4.5%.
Most drivers end up with a three-year car loan term. Choosing a longer loan term might help you get a lower interest rate, but since you’ll spend more time paying off the loan, you’ll still pay more over time.
When it comes to car loan interest rates, everybody wants to beat the average! So, what can you do to put yourself in the best financing position?
For more advice, check out our bad credit assistance programs for drivers near New Orleans and Gretna. Our expert team can also teach you how to calculate the interest rate on a car loan.
You’ve answered the question, “What is a good interest rate for a car loan?” Now it’s time to lock-in your deal with Ray Brandt Kia. Fill out our easy online credit application and find your rate today! Once you have your rate, you can plug it into our monthly car payment calculator and see how it fits into your budget!
Still doing research? Ray Brandt Kia has many more car buying tips for you to explore!
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