Reviewed by Shannon Martin, Licensed Insurance Agent.
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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