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What is a good interest rate for a used car loan?
I know that used car loans typically have higher interest rates than new car loans, but I don’t know how high is too high. What would typically be considered a good interest rate for a used car loan?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When it comes to car loans, the idea of good terms depends on the individual applicant. That said, a generally reasonable APR would around 5% for a used car loan. Of course, a 5% APR might not be achievable for someone with bad credit.
To give you a better idea of the APRs you might qualify for, here are the average interest rates for used car loans by credit score:
- 750 or higher: 5.1%
- 700 to 749: 4.91%
- 600 to 699: 5.89%
- 451 to 599:11.24%
- 450 or lower: 14%+
Remember, different lenders may offer better or worse terms. Before you settle on a loan, shop around for a lender that suits your needs. Taking some time to find someone who fits your needs can save you loads of money in the long run.
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