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What's an average APR for a car loan?
Is there an average APR that I should be looking for in a car loan? I want to get a new car, but I don’t have any frame of reference for what qualifies as a good or bad APR.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When it comes to car finances, everything depends on the individual applicant. The interest rates available to people with good credit scores are typically much lower than those available to people with bad credit.
- Your credit score,
- whether the car is new or used, and
- your repayment term.
To give you a better idea of the kinds of rates that you can expect, here are the average APRs of the last year by credit score:
- 781 to 850: 2.34% for a new car loan, 3.66% for a used car loan
- 661 to 780: 3.48% new, 5.49% used
- 601 to 660: 6.61% new, 10.49% used
- 501 to 600: 11.03% new, 17.11% used
- 300 to 500: 14.59% new, 20.58% used
Hopefully, this information gives you a bit of a frame of reference for the interest rates you can expect.
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