Is 11% a good APR for an 84-month car loan?

I want to get a car loan, but the best rate I've found is 11% APR for 84 months. Is this a good deal? I have a 710 credit score.

Answer
Car loan rates vary greatly depending on several factors, but since you have a 710 credit score, an 11% APR for 84 months seems far too high.
In comparison, the average car loan rate for someone with your credit score is 3.48% for new cars and 5.49% for used cars as of September 2021. In addition, the average 84-month car loan rate in the country hovers around 5% for new cars, as many lenders are cautious to give this loan length on a used car.
If you’re getting offers for 11%, you may want to continue to shop around or consider a cosigner for the loan. However, with a 710 credit score, it’s likely that you just haven’t found the right loan yet.
If you find a lower rate and you get a loan, you’ll need full coverage car insurance. Use the Jerry app to compare quotes from dozens of insurers. Hopefully, you can find a great rate on your car insurance and loan insurance and maximize your savings.
Eric Schad
Answered on Nov 05, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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