When it’s time to negotiate your new car price, don’t forget that your loan rate will affect the overall amount you pay for your vehicle in Eatonton or Monticello. What is a good interest rate for a car loan? The finance team at Five Star Toyota of Milledgeville is here to answer your questions about what a good car loan rate is, and what the average interest rate on a car loan is. Knowing what constitutes a good interest rate for a car loan will help prevent you from paying more interest than is absolutely necessary.
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% |
In order to get the best interest rate, the first thing you’ll want to do is plan ahead. Check your credit history and note the score. The higher the credit score, the lower your interest rate will be. You’ll also want to be ready to negotiate. So what is a good car loan rate in Gray? Based on the chart above, it could be anywhere between 3.17% and 13.76% depending on your credit score.
After looking at this chart, plan the rate you want and be prepared to negotiate if they offer you something higher than you expected. Another thing to be careful of is the offer. You don’t only want to focus on the payment and ignore the rest of the deal. Pay close attention to the details.
On a three-year car loan, the average interest rate is around 3% to 4.5%. But you may be offered differently based on your credit score as well as where you’re getting the loan. In the end, the easiest way to compare your car loans and interest rates is to shop around or get pre-approved and compare that way.
Now that you know what a good interest rate for a car loan is, find out more about how to save when you shop for a car at Five Star Toyota of Milledgeville. In addition to finding the best loan rate available to you when you apply for financing with us, we also offer a series of car-buying tips. Put our years of experience to work in getting the price you want for a car you’ll love. We’re happy to help. Contact us with any questions you have for our finance team.
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