PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Is a 15% interest rate too high for a car loan on a certified pre-owned 2016 Toyota 4Runner?
I'm buying a certified pre-owned Toyota 4Runner, and I have $5,000 to put down. My credit score is only about 660. The dealership wants to charge me 15% interest on a 60-month loan. Is this too high?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A 15% interest rate is outrageous for a 60-month loan, even if you have poor credit.
So the real question is: have you shopped around? Or is this the first offer that’s come your way?
Like with
auto insurance
, you always want to shop around for the best rate possible. Check out online quotes from banks, credit unions, and other lenders. You should be looking at a rate around six percent to 11%.If someone tells you that a 15% interest rate is “”good”” for your credit score, I’d suggest shopping for your car somewhere else.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies