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Is a 9%, 60-month loan with CarMax too much if I have an 800 credit score?
I went to CarMax to purchase a car, but I need to finance some of the final price. Even with an 800 credit score, CarMax only offered a 9% loan over 60 months. This seems too high to me. Should I shop around, or is this actually a good deal?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With an 800 credit score, 60 months at 9% seems a bit high. Don’t sign this loan without shopping around.
If your income and debt-to-income ratio meet the specifications of other lenders, you could probably get an interest rate of 4% or 5%, even on a used car.
Always shop around for interest rates on a
car loan
, similar to what you would do if you were shopping for car insurance
. Doing so can help you save hundreds or even thousands of dollars.Don’t forget that when you buy a new vehicle, you will need proper coverage. If you haven’t already found insurance, use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
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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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