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What should my APR be on a car loan?
I am buying a new car and have an average credit score. I know it could be better, but I can’t put off getting a new car any longer. What kind of APR can I get?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There are a couple of factors that make up your APR (annual percentage rate) beyond just your credit score when looking to get a
car loan
. These include: - income
- additional debts (student loans, mortgage, credit card debt)
- the loan you’re looking to get
- the loan terms
It’s also going to depend on which credit score the loan provider will use. There are a couple of different companies like FICO® and Vantage Score.
A good score for Vantage is between 661 to 780, which will give you about an APR of 3.69% for a new car or 5.59% for a used car.
However, a different scoring system like FICO might say a good score is between 700 and 749 with a new car APR at 7.48% and a used at 7.73%. This is why shopping around and ask for quotes is so important. Each dealership looks at different metrics to make a decision.
That said, if you don’t get the cheapest APR, don’t worry! Once your credit gets a little better or in a couple of months, you can see if you qualify for refinancing.
For help, use the
Jerry
app. Jerry won’t just try and save you money on your car insurance but will also find you a better deal on your car loan through their refinancing service.”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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