As of January 2020, U.S. News reports the following statistics for average auto loan rates: Excellent (750 - 850): 4.93 percent for new, 5.18 percent for used, 4.36 percent for refinancing. Good (700 - 749): 5.06 percent for new, 5.31 percent for used, 5.06 percent for refinancing.9 Mar 2020
What is a good interest rate on a 72 month car loan?
Loan term Average interest rate
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36-month new car loan 3.67% APR
48-month new car loan 3.74% APR
60-month new car loan 3.81% APR
72-month new car loan 3.96% APR
What is the average interest rate on a car loan with a 700 credit score?
Credit Score New car Used car
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700-760 3.00% 4.25%
650-700 5.50% 6.50%
600-650 9.75% 10.75%
550-600 15.50% 17.50%
Is a 72 month car loan bad?
Generally, yes, a 72 month car loan is bad. When you get a 72 month car loan, you're more likely to go upside down on your car loan, which leaves you in a vulnerable financial position. Avoid getting a 72 month car loan if you can. This might mean getting a cheaper car than you hoped for.22 Nov 2021
Is it smart to do a 72 month car loan?
A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you're probably going to pay more than you bargained for.
What is a good interest rate on a car?
Credit score Average APR, new car Average APR, used car
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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 are the pros and cons of a 72 month auto loan?
- Pro: Getting lower monthly payments.
- Pro: Achieving greater financial flexibility.
- Con: Paying additional interest.
- Con: Having negative equity or being “upside down” in the car loan.
- Con: Buying more car than you can afford.
What interest rate can I get with a 700 credit score auto loan?
Credit Score New Car Loan Refinance Car Loan
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750 or higher 6.12% 3.40%
700-749 9.63% 4.17%
600-699 14.69% 6.87%
451-599 17.66% 9.58%
Can I buy a new car with a 700 credit score?
A 700 credit score puts you firmly in the prime range of credit scores, meaning you can get a competitive rate as long as you shop around, have good income, and have a solid debt-to-income ratio. A 700 credit score gets an average car loan interest rate of 3% to 6% for new cars and 5% to 9% for used cars.
What is the average interest rate for a 700 credit score?
Credit score range Average interest rate
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300 to 500 20.58%
501 to 600 17.11%
601 to 660 10.49%
661 and 780 5.49%
Is 3 percent a good interest rate?
Right now, a good mortgage rate for a 15-year fixed loan might be in the high-2% or low-3% range, while a good rate for a 30-year mortgage might range from 3-3.5% or above.5 days ago