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Is 4.0% a good interest rate for a car loan?
Is 4.0% a good interest rate for a car loan if I have a 690 credit score? I want to make sure I’m getting a good deal so that I don’t have to refinance the loan later.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you have a 690 credit score, 4.0% is a typical interest rate for a car loan. On average, lenders with a 690 credit score will be offered a 4.68% interest rate for a new car and a 6.04% interest rate for a used car. If you’re able to
raise your credit score
before you apply for a loan, however, you might be able to find a lower interest rate.If you’d like to improve your interest rate without bringing up your credit score, you might consider a loan with a shorter repayment period. Typically, loans with a
72- or 80-month repayment period
will have much higher interest rates than loans with 60-month repayment periods or shorter.While you’re looking for the best rates on your car loan, why not shop for the best car insurance rates, too? It’s easy when you use the number-one-rated car insurance app,
Jerry
. Jerry gathers personalized rates from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
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