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Is 6 percent a good interest rate on a 60-month car loan?
I've been shopping around for a 60-month car loan and the best rate I've been offered is 6%. Is this a decent rate?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- Credit score
- Income
- Debt-to-income ratio
Overall, the average interest rate on a 60-month car loan is 3.81%. Comparatively, a 6% interest rate is high. For further context, here are the averages for super-prime and subprime credit scores:
- Borrowers with subprime credit (500 or less) have an average interest rate of 14.59%
Our advice is that if you have a decent credit score, it may be worth it to keep shopping around for a better interest rate—otherwise, you’ll be paying way more interest than you need to over the course of your loan.
If you decide to move ahead with a car loan, make sure you shop around for
car insurance
as well. Many lenders require financed vehicles to be fully covered as a condition of your loan.View full answer
- Gregory R.
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