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
What is a good car loan rate right now?
What is a good car loan rate? I’m trying to find a car loan with really good terms, but I’m not sure where to start.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great you’re doing research first! In general, a good car loan rate right now would be 2.49%. Some lenders will even offer 0%
APR
! However, there are a lot of factors affecting loan rates, especially credit scores. To give you a better idea of your credit score’s impact, here are the average interest rates for a 60-month car loan currently:
- 750+: 6.12% for a new car, 6.37% for a used car
- 700-749: 9.63% new, 9.88% used
- 600-699: 14.69% new, 14.94% used
- 451-599: 17.66% new, 17.91% used
Your credit score isn’t the only factor, though. There are other things you can do to score a lower rate, such as:
- Get a car loan with a shorter repayment period. More lenders, for example, will offer 2.5% to 4% APR for 36-month car loans than for 60-month car loans.
- Make alarge downpaymenton your car. Lenders usually offer better terms to borrowers who can put a larger amount down.
- Shop around to learn more about your options with your current credit score and income. Get quotes from multiple lenders so that you know more about the average rates and terms available to you!
While you’re shopping around for a car loan, you can also shop for a better rate on your car insurance policy. The
Jerry
app makes this easy by collecting the quotes for you. Just download the app and answer some questions about yourself and your vehicle to learn about your insurance options. The average Jerry user saves $879 per year!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