According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.10 Jun 2020
What is considered a high interest rate on a car?
Consumers with high credit scores, 760 or above, are considered to be prime loan applicants and can be approved for interest rates as low as 3%, while those with lower scores are riskier investments for lenders and generally pay higher interest rates, as high as 20%.12 May 2021
What is a good interest rate on a car?
Credit score Average APR, new car Average APR, used car
------------------- -------------------- ---------------------
Superprime: 781-850 2.58%. 3.68%.
Prime: 661-780 3.64%. 5.35%.
Nonprime: 601-660 6.32%. 9.77%.
Subprime: 501-600 9.92%. 15.91%.
What is a high APR when buying a car?
What is a good APR for a car loan with my credit score and desired vehicle? If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car. If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car.30 Nov 2020
Is 20 percent APR high for a car?
For used vehicles, your interest rate can be anywhere around 4% to 20%. Typically, if you can get a rate under 7% for a used car, that'd likely be considered a good APR. Generally, borrowers with good credit scores have a better chance of qualifying for a lower interest rate.5 Jan 2021
Is 14 percent interest high for a loan?
A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit)