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What is a good APR rate for a car loan?
What would be considered a good APR rate for a car loan? I’m not sure what kinds of rates I should be looking for and which ones I should stay away from.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When it comes to car loans, it depends on your situation. A good APR for someone with bad credit might be a terrible one for someone with good credit. That said,
APRs
around 2% are very good.Such low APRs may not be available to everyone. To give you a better idea of what rates that you can expect, here are the average APRs for new car loans by credit score:
- 300 to 500: 14.59%
- 501 to 600: 11.03%
- 601 to 660: 6.61%
- 661 to 780: 3.48%
- 780 to 850: 2.34%
As you can see, these numbers vary drastically between credit scores. But if you’re in the market for a car loan, you can typically find a better interest rate by shopping around for a good lender. Different lenders will offer different terms than others, so take your time finding the lender that best suits your needs.
If you’re looking to cut back on your monthly costs, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app helps users save an average of $879 a year on car insurance. Just download the app, answer a few questions—and Jerry will help you compare quotes from top providers like Allstate and Nationwide for free.View full answer
- Gregory R.
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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.
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