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Is a 20% interest rate on a car loan too high for a 2016 Jeep Wrangler?
"I'm upgrading my car to a 2016 Jeep Wrangler.
My credit score is 660, and I make $2,500 a month.
Is a 20% interest rate too high for a loan on a $23,000 Wrangler?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A 20% APR is probably as high as your state allows without breaking any usury (loansharking) laws. Even with a 660 credit score, this is far too high.
Have you looked anywhere else, or was this just the first loan for which you applied? Make sure to apply with banks and credit unions to see what rate they’ll offer you.
At 20% interest, don’t sign it. You’ll end up paying thousands more than you should.”
View full answer
- Gregory R.
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