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What will my car loan rate be based on my credit score?
I’m in the market for a new or used car, but I don’t want to pay too much in interest. I know that car loan interest rates are based on credit scores, but I don’t know how much impact they have. What car loan rate can I expect based on various credit scores?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re right in the fact that
car loan
rates are based on credit score. However, determining an exact car loan rate based on credit score is difficult. Lenders use several factors to determine your interest rate, including:- Your income
- Loan amount
- Loan-to-value ratio
- Debt-to-income ratio
- Credit history
- Length of the car loan
- Whether you purchase a new or used vehicle
If you want to get a ballpark of what you might pay, use these average car loan rates as of August 2021 based on credit score:
New car loan interest rates
- 300-500: 14.59%
- 501-600: 11.03%
- 601-660: 6.61%
- 661-780: 3.48%
- 781+: 2.34%
Used car loan interest rates
- 300-500: 20.58%
- 501-600: 17.11%
- 601-660: 10.49%
- 661-780: 5.49%
- 781+: 3.66%
The more you shop around, the better your odds of finding the best car loan rate based on credit score.
And just as you would with your car loan, make sure to shop around for car insurance with the
Jerry
app. Your lender will require full coverage car insurance, which can get expensive if you take the first offer that comes your way. As a licensed broker, Jerry helps you find and compare quotes from over 50 top providers in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
- 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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