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What would my apr be on a car loan?
I have fair credit. I want to get a used car. What is apr and what will mine be?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“With the Good Vantage Score, a fair credit score falls between 601 and 660. For a used car, this is going to be around 10.13% APR.
APR stands for annual percentage rate. An APR tells you how much you’re going to pay yearly, including fees and other charges. You can use percentage to figure out how much you’ll be paying in interest total or monthly on your
car loan
. Generally the lower the amount, the better. But because used cars are worth less than a new car, the APR tends to be higher, even though other factors like
car insurance
or the total cost should be cheaper for an older reliable car. For example, a new car with the same credit score’s APR is around 6.64%. To determine what your APR will be, you’ll need to shop around with lenders. Before you purchase a car, you can get preapproved. With a preapproval, you can see how much financing a lender will offer and what your interest and APR will be.
Even if you feel your APR is too high after purchasing your car, you do have the option to refinance. Refinancing can help lower your APR or interest rate over time.
If you’d like help looking into refinancing or car insurance options, try the
Jerry
app. We will help you find the best rates for both refinancing and insurance without any stress!”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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