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What would my interest rate be on a car loan?
I’m thinking about taking out a car loan, but I don’t know what it would cost me. How much would my interest rate be if I decided to take out a car loan?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It can be tricky to estimate your expected interest rate since the amount depends on the situation! Typically, your car loan interest rate depends on:
- How much you intend to borrow
- Your credit score
- The loan term
That said, you can usually expect an interest rate of 3-6% if you have good credit and a relatively long term. But if you have bad credit, your rate will generally range from 9-15%. Luckily, you can use these tips to ensure you get a reasonable interest rate:
- Compare offers from a few different lenders before you settle.
Even if you can’t find a low enough interest rate, there are plenty of other
ways to save on car expenses
—like finding a lower car insurance rate with Jerry
. A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers, like Progressive and Nationwide, for free. When you find a better plan, Jerry can help you buy your new coverage and even help cancel your old policy! The average Jerry driver saves $879 a year on car insurance!
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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