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Is 9% a good interest rate for a car loan?
I took out a car loan from a dealership a few weeks ago, and my interest rate is 9%. I’m not sure if that’s good or bad. My credit score is 600, if that matters. Is 9% good for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the recent purchase! Getting a new car is always exciting.
With a credit score of 600, 9% is a good interest rate on a
car loan
. In fact, the average interest rate for someone with a credit score of 600 is above 9%.If you improve your credit score within the coming months or years, you should consider
refinancing the loan
. You will likely qualify for a better rate. When the time comes, compare refinancing offers from:- National and local banks
- Credit unions
- Online lenders
Just like with your car loan, you should comparison shop for
car insurance
to avoid overpaying. Downloading Jerry
makes it quick and easy. Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free.After providing you with a comprehensive analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! So why do all that extra work when Jerry can do it better?
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- Gregory R.
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