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What are the best used car loan rates?
I want to make sure I get the best used car loan rates, but I’m not sure what they are. What are the best possible used car loan rates I could get?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Ideally, the best interest rate you could get for a used car loan is 0%—but that is not common. Realistically, the best used car loan rates are between 4.31% and 5.10% APR.
That said, you need an excellent credit score to qualify for such low rates. Most lenders require a score of 750 or higher for rates below 5% on a used car loan. These rates are also typically only available for loans with short repayment terms of 36 months or less.
To give you a better frame of reference for the interest rates you can expect, here are the current average APRs for 48-month used car loans by credit score:
- 750 or higher: 6.37%
- 700 to 749: 9.88%
- 600 to 699: 14.94%
- 451 to 599: 17.91%
- 450 or lower: Over 20%
As you can see, interest rates depend largely on the borrower’s financial situation. While the best rates may be around 4%, they won’t be available to every applicant.
But if you’re worried about paying too much for your car loan, you can always offset the price by saving on car insurance with
Jerry
. A licensed broker, the Jerry app helps users save an average of $879 a year on car insurance. Just download the app, answer a few questions, and Jerry will help you compare quotes from top providers like Allstate and Progressive for free.MORE: How to get a cosigner for a bad credit car loan
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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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