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Is 15% APR good for a car loan?
I was shopping around for a car loan and, due to my limited credit history, the best rate I could find was 15%. Is this good? Or should I keep shopping?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 15% APR on a
car loan
is astronomically high. At this level, most financial experts would agree that your money and time are better spent fixing your credit than adding more debt in the form of a car loan.- Where are you shopping?
- How many places have you looked?
- What does your credit report look like?
If you haven’t shopped around, keep making your rounds to get the best rate. However, it’s most likely a reflection of your credit history. In this case, take a look at your credit report to see what you can fix. In most cases, you should pay down debt and take care of any delinquent accounts to increase your credit score. By doing so, you can reduce your interest rates on car loans in the future.
If you want help shopping for the best rates on car loans, try using the
Jerry
app for refinancing. No matter what your credit score is, Jerry makes refinancing your car easy by comparing quotes from multiple lenders to find a rate that works best for you. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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