Is a 16% APR on a used 2018 Honda Accord too high if my credit score is 675?

"I want to purchase a 2018 Honda Accord. When I went to the dealership, they ran my credit and offered me a five-year, 16% APR loan.

Is 16% APR too high if my credit score is 675?"

Answer
“Although your credit score isn’t stellar, 16% seems a bit high for that car loan, especially for 60 months.
If you only went to the financing department at the dealership, then that’s a mistake. You should always shop around to find the best rate, just as you would with car insurance.
Try credit unions first, as well as local, regional, and national banks. You should be able to find something for your Honda Accord at a much lower rate than 16%.”
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Eric Schad
Answered on May 28, 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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