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 the standard car loan interest rate for used vehicles?
I want to get a nice car, so I’ve been shopping for a certified pre-owned vehicle from dealerships. I’d like to take out a loan, but I don’t know much about them. What’s the standard car loan interest rate on a certified used vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Buying a
used car
is a great way to save money. But the amount you save will also depend on the terms of your loan.That being said, these are the average car loan interest rates for November 2021 based on credit score:
- 300-500: 20.58%
- 501-600: 17.11%
- 601-660: 10.49%
- 661-780: 5.49%
- 780+: 3.66%
Remember, lenders individualize
car loan
interest rates for each of their borrowers—so there isn’t really a universal average APR. Here are some of the most common factors lenders consider when assigning interest rates:- Income
- Debt-to-income ratio
- Loan term and loan amount
- Credit score and credit history
Income and the debt-to-income ratio help lenders judge whether you can afford the loan. But the loan term, loan amount, and credit score help them determine your interest rate.
The amount you borrow also plays a role in how much you pay in interest. Since lenders consider higher loan amounts a greater risk, larger sums come with higher interest.
The best way to make sure you’re getting a fair APR is to shop around for a good lender. Each lender will come with its own terms and rates, so take some time to look around before you sign any agreements.
For help making your monthly payments, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app can help you compare quotes from over 50 top providers like Progressive and Nationwide in minutes. When you find a better rate, Jerry helps you buy your coverage and even helps cancel your old policy!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