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Should I get a used car loan if the APR is 7.5%?
I want to buy a used car and I need financing. I went to my bank and they offered a loan at 7.5%. Is this APR too high for a used car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Unless you have poor credit or your loan term is 72 or 84 months, 7.5% is a bit high. Keep shopping around and you can probably find a better rate if you have decent credit.
You should be able to find a rate of five percent to six percent if you’re creditworthy. If you do take out the 7.5% loan, refinance as soon as possible.”
View full answer
- Gregory R.
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