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Is 9% a good interest rate for a car loan?
I recently got a car loan from a dealership with a 9% interest rate. I'm unsure if this is good for a car loan, especially with a credit score of 600. Can you provide some insight?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
A 9% interest rate for a car loan is considered good, particularly with a credit score of 600. In fact, the average interest rate for someone with a credit score of 600 is typically above 9%.
If you plan to improve your credit score in the coming months or years, it may be prudent to consider refinancing your loan. By doing so, you could potentially qualify for a better interest rate.
When the time comes, take the opportunity to compare refinancing offers from various lenders, including:
- National and local banks
- Credit unions
- Online lenders
Enjoy your new ride!
View full answer
- Gregory R.
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