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What APR can I expect for a car loan?
I think I can finally afford to get a car, but I’m not sure what APR I should expect for a car loan. I see so many different rates out there and I don’t know which ones are accurate for me. I’ve been working on my credit score for a while and I’ve gotten it up to 650.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s awesome that you’ve raised your credit score! On average, people with a 660 credit score see a 6.61% APR on new car loans and a 10.49% APR on used car loans.
However, there are a few things that you can do to try and find a lower interest rate, including:
- Make a large downpayment. If you’re able to save up and make a large downpayment on your car, your lender will probably offer you a better interest rate.
- Change the repayment period. Typically, loans with shorter repayment periods also have lower APRs. It’s usually a good idea to get a loan for 60 months or less, as loans that are longer than this typically come with a sharp increase in interest rates.
- Find a cosigner. Although you have a good credit score, you might be able to find better rates if you can get someone with excellent credit to cosign your loan.
Keep in mind that APR is usually not a negotiable part of your loan, but you can negotiate the total price of the car or fees associated with buying your car. The lower you keep fees and the principal loan amount, the less you pay over the life of the loan. This is because APR includes the fees that are rolled into the loan.
While you’re taking the time to learn about your car loan options why not take a moment to learn about your car insurance options, too? It’s easy when you use the
Jerry
app! Jerry compares personalized quotes from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!MORE: What is APR and how is it calculated?
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- 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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