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What is the average APR on a car loan?
I’m just beginning the process of buying my first brand new car. Fortunately, I have many people who are helping me navigate the shopping process, but I still need to figure out how to get a car loan. I want to ensure I find a good rate. What’s the average APR for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Shopping for a brand new car is exciting but can undoubtedly get a bit confusing. I’m happy to hear you have people supporting you through the process!
Here’s the average APR for a new car loan broken down by credit score:
- 2.34% if your credit score is between 781 and 850
- 3.48% if your credit score is between 661 and 780
- 6.61% if your credit score is between 601 and 660
- 11.03% if your credit score is between 501 and 600
- 14.59% if your credit score is between 300 and 500
If you want to ensure you’re getting the best rate available, shop around and compare offers from multiple lenders before signing an agreement. You should consider submitting applications through:
- Local and national banks
- Credit unions
- Online lenders
- Dealerships
Additionally, if you want help finding good deals on
car insurance
, use Jerry
. Jerry is an insurance comparison app that can collect quotes from more than 50 top insurance companies, like Travelers, Nationwide, and Progressive, in seconds.After providing you with a comprehensive analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. And if you ever have any questions, agents are just a text away.
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