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What’s the average interest rate on a car loan?
I’m buying a car for the first time and I don’t really know a lot about interest rates. Can you tell me, what interest rate do people pay on a car loan, on average?
Rob Shapiro · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Buying your first car is really exciting! In 2021, the average car loan interest rate for new cars was 3.64% and 5.35% for used cars. Don’t forget that to get the best rate, you should have a credit score of at least 660.
A low-interest rate can save you money every month. Another way to save money is to make sure you are paying the least amount possible for car insurance. Use
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