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If you want to avoid overpaying on your car loan, it’s a good idea to understand the right interest rate per car loan – with your credit score in mind. Below, we’ve made a chart and broken down how to get the best interest rate in the Warren-area. Check out the details regarding the average new and used car loans based on credit scores and the APR, or Annual Percentage Rate, for that average. Then, when you are ready, apply for financing through our Apostolakis Honda finance center to get approved today.
| 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% |
If you are trying to get the best interest rate, the first step is to start planning ahead. It’s a good idea to check your credit history, note the score, and start making changes where you can. The higher your credit score, the lower your interest rate will be. Keep in mind that you do have some negotiating power. What is a good interest rate for a car loan, then? Well, according to the chart above, it could range between 3.17% and 13.76% depending on the credit score.
After exploring the chart, plan the rate you want and be prepared to negotiate if they offer you something higher than you expected. You’ll also want to pay close attention to the details in the offer, not just focusing on the payment. Be certain to look over all the details.
With a three-year car loan, the average interest rate is typically about 3% to 4.5%. You could potentially be offered differently based on your credit score and the lender giving you the loan. Ultimately, the easiest way to compare your car loans and interest rates is to shop around or get pre-approved with a variety of sources in Youngstown.
Ourfinance team is happy to help you with the pre-approval process and get you behind the wheel of your perfect vehicle at a great rate. Feel free to call us at 800-900-4600and compare rates or to get the process started today. We’re happy to help you walk through the car buying process to simplify the steps and make a smooth transition into your next Boardman vehicle!
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