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What is a Good Interest Rate for Your Car Loan?

Loan Application

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!

What is the Average Interest Rate on a Car Loan?

Average New-Car Loan

Annual Percentage Rate

Average Used-Car Loan

Annual Percentage Rate





















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.

Woman using a calculator

How Do You Get the Best Interest Rate?

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? 

  • Check your credit history and come prepared. Even if you have poor credit, knowledge, confidence, and proof of income can show that you’re a good investment.
  • Consider whether you want to finance with a bank or a dealership. There’s lots of bank vs. dealership financing info available to help you make your choice.
  • Don’t focus on the interest rate alone. You’ll also want to consider your loan term, and look closely at the details on your contract. Although balloon financing can be a smart choice for some drivers, you’ll want to know exactly what you’re getting into.
  • If you have bad credit, focus on making as many on-time payments as you can! It can seem impossible to build up a damaged score, but the table above shows that every little bit counts!

For more advice, check out our bad credit assistance programs for drivers near New Orleans and Gretna.

Secure Your Car Loan Interest Rate at Ray Brandt Kia!

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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1884 Westbank Expy • Harvey, LA 70058

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Ray Brandt Kia

1884 Westbank Expy Harvey, LA

Phone: (504) 684-8170



Phone: (504) 684-8170

1884 Westbank Expy Harvey, LA

Mobile Sales

Phone: 504-684-8170

1884 Westbank Expy Harvey, LA


Phone: (504) 684-8105

1884 Westbank Expy Harvey, LA

Mobile Service

Phone: 504-684-8105

1884 Westbank Expy Harvey, LA
29.9007548 -90.0696402
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Ray Brandt Kia
Ray Brandt Kia
1884 Westbank Expy
Harvey, LA, 70058 US
(504) 684-8170
Ray Brandt Kia 29.9007548, -90.0696402.