What's the average APR on a new car loan for a prime credit score?

I want to get a new car loan, but I don't want to overpay. What's the average APR on a loan if I have a credit score of 770?

Answer
A credit score of 770 puts you into the prime range, which will usually get you in the second tier of car loan interest rates. You might want to wait until you boost your score above 780 before you try to get a car loan if you want better interest rates.
If that’s not a possibility, you can still get a good car loan rate. The average APR on a new car loan for a prime credit score is between 3.48% and 4.21%, although this will differ depending on your down payment amount and how long your car loan is. The longer the loan, the smaller the monthly payments, but the more interest you’ll pay. Vice-versa for short-term loans.
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Eric Schad
Answered on Nov 24, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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