“There are many determining factors when it comes to interest rates. Lenders normally take into consideration a borrower’s age, credit history, income, and whether or not they have a cosigner with a good credit score. Without knowing all of this personal information about you, it’s hard to give you a 100% accurate answer.
That being said, if you have good credit and payment history, a good income, and a cosigner with a credit score of 750 or higher, you should not sign on that loan. However, if you do not have a cosigner, then an 11% to 12% interest rate is about right.
But like with everything, you should not jump at the first offer. Instead, take your time and shop around. Banks and credit unions usually offer the best rates, so it might be a good idea to start your search for a better rate there. “