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What is a Good Interest Rate for Your Car Loan?

finance paperwork with tiny blue car on desk


Two of the first questions you should ask when trying to procure an auto loan in greater Sarasota are, “What is the average interest rate on a car loan,” and “What is a good interest rate on a car loan for me?” Take a moment to learn the answers to these questions. Then, reach out to the finance department at Cox Chevrolet for help in Bradenton, FL!

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 Can You Secure a Good Car Loan Rate? 

Now that you know what a good interest rate is given your credit score, let’s take a look at how you can make sure you get the best rate that you can get. The most common strategy is to raise a substantial down payment. You can do this by saving, trading in a current vehicle, or making use of our new vehicle specials to reduce price, so that the down payment you make takes a larger percentage off of the price. The greater your down payment, the more bargaining power you have when determining interest rate. You could also wait a few months and work on raising your credit score if you’re set on lowering your interest rate. 

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%. The most important thing for you to remember is you’ll want to obtain an average to good interest rate for your individual credit score, which you’ll find listed in the table above.

Let Us Show You a Good Interest Rate on a Car Loan! 

Now that you know what the average interest rate on a car loan is, and you know what a good car loan rate is given your credit score, reach out to Cox Chevrolet for a competitive offer on your next auto loan in Bradenton. Our phone number is 941-251-0310! If you have a trade-in you’d like to put towards your down payment, so you can negotiate for an even lower interest rate, use our trade-in calculator! We look forward to helping you upgrade your Palmetto commute for less! Be sure to explore our car buying tips for more fun reads, like our overview of what financing is in the first place!

 

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