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Is 6% good for a car loan?
I’ve been shopping around for a new car, and the dealership offered me an interest rate of 6% on a 60-month loan. Is a 6% interest rate good for a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Shopping for a new car is so exciting! A 6% interest rate on a
car loan
may be good—it depends on your credit score, income, and debt-to-income ratio. For reference, the average rate is around 4%.Lenders rely on many factors when generating your interest rate, and no two lenders are the same. So, you should shop around and compare offers from multiple lenders to ensure you get the best rate and terms.
Besides the dealership, you should consider checking rates from:
- National and local banks
- Credit unions
- Online lenders
Once you find a lender and the car you want to purchase, you’ll also need
car insurance
. You can ensure you’re not overpaying by using Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free.After providing you with a comprehensive analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. Why do all that extra work when Jerry can do it better?
MORE: What to do after buying a new car
View full answer
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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.
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