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What's the average interest rate for a 60-month new car loan?
I want to get a 60-month car loan, but I'm worried about getting too high of an interest rate. What's the average interest rate for a new car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! While the average 60-month new
car loan
rate sits at 4.15% as of August 2021, the rate you get will depend on several factors, including your income and credit score.It’s important to note that your credit score will have a major impact on your loan. Depending on your credit score, the 60-month car loan will range from 3.24% to 13.97% on average.
Because of the major variance in car loan rates, you should always shop around. It’s also important to remember that full coverage is required for every type of car loan. To make sure you get the best rate on the coverage you need, check out the
Jerry
app—we’ll help you easily compare personalized quotes from over 50 insurers.Best of luck with your car loan!
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- Gregory R.
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