Open Today Sales: 8 AM-8 PM
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% |
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.
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.
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!
The Chevy Equinox is a highly versatile SUV that’s thrilling to drive, gets excellent fuel economy numbers to cut costs on your Sarasota commute, and can even tow small boats. Learn about the Chevy Equinox gas mileage, Chevy Equinox towing capacity, and other key specs. Then, let us show you how fast this SUV is,…
When drivers search for their next reliable, powerful pickup, they often turn to one of the most popular models on the Sarasota roads: the Chevrolet Silverado 1500. Renowned for its exceptional performance and durable build, the Chevy Silverado 1500 ensures you have the engine power and capability you need for your demanding Tampa lifestyle….
The 2025 Chevrolet Trax may be an affordable crossover designed for the practicalities of your Sarasota commute, but it doesn’t skimp one bit in the technology department. In fact, the Trax features a long list of some of the most cutting-edge technology features in the industry. If you’re considering a 2025 Chevrolet Trax for…
