What is a Good Interest Rate For a Car Loan?

When you’re shopping for a new-to-you car in Sacramento or Elk Grove, you want to get a good interest rate, but you may be asking, “What is a good interest rate for a car loan?” Your interest rate will depend on your credit score and the car you decide to buy. You can find out what a good interest rate is by using our chart below, then read further to learn how to get the best interest rate for your new car! We can also walk you through how to find the best liability insurance rates for you. If you have specific questions feel free to contact us or browse our car buying tips to learn more!

What Are New & Used Car APRs?

Average Credit Score for New Car

Annual Percentage Rate

Average Credit Score for Used Car

Annual Percentage Rate

781-850

3.17%

781-850

3.8%

661-780

4.03%

661-780

5.48%

601-660

6.79%

601-660

10.1%

501-600

10.98%

501-600

16.27%

300-500

13.76%

300-500

19.32%

How to Get a Good Car Loan Rate

To get the best interest rate on your new car purchase, you’ll want to begin your planning now. Check your credit history and make a note of your current credit score; a high credit score will lower your interest rate. Be ready to negotiate as well. Learn all you can about the car you want to buy, including reviews and the current market value of the car from Kelley Blue Book or Edmunds, then check our chart. Using your credit score, find the ideal interest rate for your range, and negotiate for that rate at the dealership. A good car loan rate is between 3.17% and 13.76%. Don’t forget about the rest of the deal either! Be sure to pay attention to the details about your purchase to avoid paying for features or additions that you don’t want. 

What is the Average Interest Rate on a Car Loan?

The average interest rate on a car loan is around 3-4.5%. However, you may be offered a different rated based on your credit score and where you’re getting the loan in Roseville. The easiest way to get a good interest rate for a car loan is to shop around at different dealerships and lenders. Be sure to finish your applications within 14 days, however, to avoid a negative impact on your credit score.

Apply for Financing at Kareem Auto Sales Inc

When you’re ready to negotiate for your new car, our finance center will help you with the pre-approval process and get you the car you want at a reasonable rate. To get a better idea of what you’ll be paying each month in Folsom on car loans, you can use our payment calculator! Plan out your budget ahead of time to make sure you get the car of your dreams.

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(916) 473-1656

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2330 Fulton ave • Sacramento, CA 95825

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Kareem Auto Sales Inc 38.6079032, -121.400815.