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Is 11% a good APR for an 84-month car loan?
I want to get a car loan, but the best rate I've found is 11% APR for 84 months. Is this a good deal? I have a 710 credit score.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car loan
rates vary greatly depending on several factors, but since you have a 710 credit score, an 11% APR for 84 months seems far too high.In comparison, the average car loan rate for someone with your credit score is 3.48% for new cars and 5.49% for used cars as of September 2021. In addition, the average 84-month car loan rate in the country hovers around 5% for new cars, as many lenders are cautious to give this loan length on a used car.
If you’re getting offers for 11%, you may want to continue to shop around or consider a cosigner for the loan. However, with a 710 credit score, it’s likely that you just haven’t found the right loan yet.
If you find a lower rate and you get a loan, you’ll need full coverage car insurance. Use the
Jerry
app to compare quotes from dozens of insurers. Hopefully, you can find a great rate on your car insurance and loan insurance and maximize your savings.View full answer
- Gregory R.
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