If you’re like most of our Cary customers, you want to get the best deal when you buy a new or pre-owned car. That means getting a good interest rate. But, what is a good interest rate for a car loan? What is the average interest rate on a car loan? You have questions. Our finance center has the answers. So, what is a good interest rate for a car loan? Let’s find out!
| 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% |
What is the average interest rate on a car loan? Interest rates vary by a number of factors, including loan duration, your credit score, and whether the car is new or used. Here’s the average interest rates on car loans by length of the loan:
Average Interest Rate on a Car Loan by Length of the Loan
Most lenders charge lower rates on loans for new cars, as opposed to used. What is a good car loan rate on a new car? See below:
Average Interest Rate on a New Car Loan by Credit Score
What is a good car loan rate on a used car? Here are the average rates by credit score:
Average Interest Rate on a Used Car Loan by Credit Score
If you’ve shopped around with various Apex-area lenders, you know that they have different rates. Here are the lowest and highest rates offered by some of the major lenders:
Lowest and Highest Rate on a Car Loan by Lender
Of course, there are plenty more lenders that Cary drivers can work with! The Hendrick Dodge Cary finance center maintains relationships with numerous local and national lenders so we can help customers from Apex to Chapel Hill get the best rate possible for their budget and their credit score!
Our finance center works with multiple lenders to get you the best rate. You can even apply for pre-approval online. Our online finance application is 100% secure and we will never share your information. If you’d prefer to start the process at our dealership, we’re just a short drive away from both Apex and Carrboro. So, drop by or contact us today! Our team looks forward to helping you get the car you want at a price you feel great about.
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