PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Loans
Car Loan
Compare Car Loans with Jerry
Jerry's Expert Advice
Car Loan Guides
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
How much interest will I pay on my car loan if the loan calculator says 4%?
I was wondering how much interest I’d pay if I took out a car loan. The online calculator says 4%, but I’m not really sure if that’s accurate. What’s a realistic amount of interest I’d need to pay on my car loan?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right! While car loan calculators can help you get ballpark estimates, they don’t consider factors that most lenders take into account. Most online loan calculators look at:
- Loan amount
- Loan term
- Credit score
But, real loan applications are more intensive. Most lenders consider the following when setting your interest rate:
- Income
- Credit score
- Existing debt
- Loan amount
- Loan term
While your calculator won’t usually give you a fair estimate, you can research other borrowers in similar situations to estimate your interest rate. For instance, here are the average interest rates for 60-month car loans in 2021 by credit score:
- 720-850—3.6%
- 690-719—4.95%
- 660-689—7.02%
- 620-659—9.72%
- 590-619—14.06%
- 500-589—15.24%
Shopping around for loans with various lenders will give you the best idea of what your interest rate will be. That said, you can use these averages as a guideline of what to expect.
If you’d like help finding the best rate and policy, use the
Jerry
app. A licensed broker, Jerry helps users save an average of $879 a year on car insurance. Just download the app, answer a few questions—and Jerry will send you personalized quotes from over 50 top providers like Progressive and Nationwide for free!View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance for Your Car
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies
