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What's the average interest rate on a used car loan?
I want to get a used car, but I can’t afford to buy it outright, and I’m not sure what a good interest rate would be for me. What is the average interest rate that most people can expect to get on a used car loan?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since car loan interest rates are largely based on your credit score, the average rate changes drastically depending on your credit. Here are the average
APRs
for used car loans by credit score:- 781 to 850: 3.66%
- 661 to 780: 5.49%
- 601 to 660: 10.49%
- 501 to 600: 17.11%
- 300 to 500: 20.58%
While these numbers are fairly reliable, the range is enormous. A good APR for someone with a 550 credit score would be terrible for someone with a 785. That said, you can assess what a good APR would be for you by looking up your credit score.
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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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