What is a Good Interest Rate for Your Car Loan?

If you’re like most Cleveland car buyers, you want to avoid overpaying on any car loan interest. But what is the average interest rate on a car loan? When you want to know what you can expect in terms of APR, we’ve created a chart and guide that breaks down common interest rates for new and pre-owned vehicles. If you’re asking what’s a good car loan rate, our team can help sort everything out for you. Learn more below and when you’re ready, start the process by getting pre-approved for financing!

New and Used Car APR

So, what is a good interest rate for a car loan around Northfield? Go through the following to get a better sense of the APR for new and used vehicles:

If you want to learn more about what’s a good car loan rate, you can always contact our team at 440-745-7682 with any questions.

How Do You Get the Best Interest Rate?

Now that you know what the average interest rate on a car loan is, it’s important to plan to get the best possible rate. Check your current credit history and note the score. The higher your credit score is, the lower your interest rate. You’ll also want to be ready to negotiate.

So, what is a good car loan rate? There’s no singular answer for Warrensville Heights buyers. Based on the chart, there are multiple ranges for new and pre-owned vehicles based largely on credit scores. After exploring the chart, plan the rate you want and be prepared to negotiate if they offer you something higher than expected. Also, be careful of the offer. You don’t want to focus on the payment alone and ignore the rest of the deal. Pay close attention to the details.

What is the Average Interest Rate on a Car Loan?

The average auto loan interest rate for new vehicles is about 6.84%, while used models have an average rate of around 12.01%. However, you might receive a different offer based on your credit score, alongside where you’re getting the loan. The easiest way to compare your car loans and interest rates is to shop around or get pre-approved and compare that way.

Take the Next Step at Our Bedford Dealership!

After learning what a good interest rate for your car loan is, the finance experts at North Coast Mitsubishi Bedford are here to help. Call or contact us online to speak with our team. You can also use our calculator to estimate your monthly payments and develop a budget. Find your perfect vehicle near Cleveland with North Coast Mitsubishi Bedford!