"Is an auto loan with a 6.9% APR good, or could I do better? "
"My credit score is over 700 and this is my first car loan ever. I feel like it's a good deal, but I would like a second opinion.
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Answered on Apr 26, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
“For your first car, an interest rate of less than seven percent is a good deal. Assuming that the car itself is also a good deal, you can rest easy knowing you are not getting taken advantage of.
However, if that APR approval is from a dealer, you should at least shop around to try to find a better loan at a bank or credit union. You might be surprised and be offered a lower interest rate. “
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