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Is 15.99 APR good?
I’m trying to finance a used car, and my credit score isn’t great. My lender offered me a loan with a 15.99% APR, but I’m not sure if a 15.99% APR is good? Should I keep researching loan options?
Shannon Fitzgerald · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Trying to finance a new vehicle can always be a little confusing and frustrating, but researching your options is definitely a good step. Ideally, a good APR for a new car loan would be around 5.06%, so 15.99% is actually quite steep.
If your credit score is under 650, this might be why your APR is so high. It can be difficult to get an APR below 10% unless your credit score is
above that number
. All is not lost, though! Fortunately, there are a few ways you can try to get a lower APR:
- Consider looking into new cars—new cars generally get lower APRs, which could bring the price tag into your range
- Check in with your bank—if you have an account in good standing, your bank may be able to give you a better APR than another lender
- Try to remove some debt—paying off debt is one of the best ways to improve your credit score to make you more eligible for low APR
When you do end up securing that new car,
Jerry
can make sure you’re not overspending on car insurance
, too. The app is free to use and compares custom quotes from over 50 top insurance companies to ensure you’re always getting the best price for your coverage needs. The average user ends up saving $887 a year so it’s definitely worth a look!
View full answer
- Gregory R.
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