Average Car Loan Interest Rate By Credit Score

Credit reporting bureau experians latest analysis of the automotive finance market shows that the average interest rate on a new car loan is 613 percent.

Average car loan interest rate by credit score. The average apr for a borrower with good credit a score between 661. Your traditional credit score or fico score sits on a scale between 300 and 850. The first thing you need to know is that your credit score is the biggest determining factor in the interest rate you get when buying a used car. People with a higher score will usually be able to.

But interest rates are on the rise. 7630933 and 7647274 and 8095458 and 8359264. The average car loan interest rate for people with a fair credit score of 650 699 is 1169 for a new car and 1194 for a used car. Even if your credit score is lower you may still qualify for.

One leading bank offers customers with good credit interest rates as low as 299 for purchasing a new 2019 model but the minimum interest rate for the same loan on a 2007 model from a private seller rises to 599. Credit scores of 719 for a new car or 655 for a used car or higher will help you qualify for the lowest auto loan interest rates. Individuals with a 800 fico credit score pay a normal 34 interest rate for a 60 month new auto loan beginning in august 2017 while individuals with low fico scores 500 589 were charged 148 in interest over a similar term. The interest rate on your auto loan will depend largely on your credit score and whether youre buying a new or used vehicle.

Average auto loan rates for fair credit. That might seem obvious but theres more to it than that. If you have a loan and make consistent on time payments and your credit score improves you may be able to refinance your car loan to get a better rate and lower your monthly payment. What role do credit scores play in used car loan rates.