What is a Good Interest Rate for a Car Loan?
What is a Good Interest Rate for a Car Loan?
If you're shopping around Virginia or Maryland for a new or quality used car, you want to make sure that you're also getting an excellent rate on it. To help make your shopping experience easier, we've created a handy guide for the average new and used car loans based on credit scores and the Annual Percentage Rate (APR). Learn more below, then fill out our car loan online and get pre-approved for financing in minutes.
New and Used Car APR
How Can You Get the Best Interest Rate?
Sterling drivers looking to get a great interest rate should be prepared. Look at your credit history and take note of the score. The higher the score, the lower our interest rate can be. However, if you have a low credit score, you can get a higher rate. Be ready to negotiate a better store.
However, based on the chart, your interest rate can be between 3.17% and 13.76%. It does depend on your credit score. You can try and negotiate to receive a better offer but don't just focus on the rates. Pay attention to the payment and the loan details.
What is the Average Interest Rate on a Car Loan?
The average interest rate on a three-year car loan is between 3% and 4.5%. However, you could get a different interest rate depending on your credit score and where you're getting the loan from. It's recommended to shop around the DC Metro area and get pre-approved to compare your options.