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What is the going interest rate on a car loan?
I’m about to start looking for car loans, but I want to make sure I have an idea of what a good deal looks like before I start. As of now, what’s the average going interest rate on a car loan?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Car loan
interest rates depend largely on each individual’s situation. Specifically, most interest rates will depend on the borrower’s credit score, the loan term, and the amount being borrowed. That said, the average car loan interest rate was 5.27% for 60-month loans in 2021.In general, interest rates range from 3-10% on auto loans but individuals may find higher or lower rates depending on their circumstances. To put in perspective, here are the average insurance rates for 60-month loans based on credit score:
- 720-850—3.6%
- 690-719—4.95%
- 660-689—7.02%
- 620-659—9.72%
- 590-619—14.06%
- 500-589—15.24%
Hopefully, this information helps you decide what kind of interest rate you’d be willing to settle for!
If you’re worried about spending too much on your car loan, start saving on car insurance with
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- Gregory R.
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