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What should I look for in a car loan?
I want to finance a car, but I don't know where to start. What do I need to look for in a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Knowing what to look for in a
car loan
is a smart way to understand the terms of the loan, how much you’ll pay, and more.When you shop around for a car loan, make sure to look for these characteristics and terms:
- Overall interest rate or APR
- What your monthly payment is
- Any prepayment penalties
- Fees and taxes
By understanding these terms and other aspects of your car loan, you’re in the position to find the best lending agreement possible for your loan.
Furthermore, you should take a look at your credit report and see what your credit score is. Depending on your credit score, you should look for these car loan rates, which are the averages for each credit score range as of September 2021:
- 300 - 500: 14.59%
- 501 - 600: 11.03%
- 601 - 660: 6.61%
- 661 - 780: 3.48%
- 781+: 2.34%
Keep in mind that these rates are independent of the length of the car loan, so your rate might change depending on how long you get the car loan.
To save extra money and get the proper coverage for your car loan, sign up with
Jerry
. As a top online insurance broker, Jerry allows you to compare quotes from up to 50 insurers in just minutes.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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