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Is a 5.9% interest rate too high for a used car loan if I have great credit and make $70,000 a year?
"I'm shopping around for a new car loan. I have a credit score of 780 and income of $70,000 per year.
The best interest rate I found was 5.9%, which seems high. Am I looking in the wrong place?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If the best interest rate you found was 5.9%, and you have a 780 credit score and income of $70,000, other factors could be at play.
Have you checked your credit report recently to see if you’ve had anything in collections or any charge-offs?
If your credit report looks good, it could just be that you haven’t been shopping in the right place.
Try credit unions and local banks to find the best rates. If possible, go in person to apply rather than fill out an application online. You might secure a better rate this way, especially if they’re running in-person specials or something similar.”
View full answer
- Gregory R.
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