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What is a good rate for a used car loan?
I bought a used car a few months ago using a car loan I got through the dealership. I feel like my monthly payments are much higher than they should be. What’s considered a good rate for a used car loan if your credit score is 685?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you feel you might be overpaying for your
car loan
. If that’s the case, fortunately, you have options.In general, with a credit score of 685, a good rate for a used car loan is around 5.49%. However, lenders rely on many factors when determining rates, so a good score for your situation could be slightly higher or lower.
On average, 5.49% is the rate for prime borrowers whose credit score is between 661 and 780. If your rate is above average—or you just want to see if you’re eligible for a lower rate—you should consider
refinancing
the loan.To ensure you find the best deal, compare refinancing offers from multiple lenders, such as:
- National and local banks
- Credit unions
- Online lenders
Alternatively, you can easily compare offers and make the refinance process more manageable by using
Jerry
. Simply answer a few questions in the app, and Jerry will match you with multiple lenders that meet your financial needs.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.
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