What’s the highest APR on a car loan?
I was recently shopping around for some lenders to refinance my auto loan, and I noticed that some lenders have higher average interest rates, but they never seem to get above a certain number. What’s the highest APR on a car loan?
I can tell you’ve been very thorough in your research when it comes to refinancing! While very uncommon, the highest average APR lenders provide is 25%.
Lenders use the APR as a way to represent the cost of funds over the term of the loan. APR includes all fees rolled into your initial loan balance and is calculated using simple interest. You want to find a lender who can provide you with their money for the cheapest interest rate. Otherwise, you may end up overpaying on your loan or even upside down.
If you are in a loan that has a high interest rate, don’t worry; you can refinance your loan as your financial situation improves.
If you want help shopping for the best rates, try shopping for lenders with Jerry. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Can you refinance a car loan with Ally?
I have recently been shopping around for a new lender because of recent changes to my credit score. I think refinancing would give me a better rate than what I currently have, and I’m thinking of going with Ally because some friends told me about them. Can you refinance a car loan with Ally?
Dec 03, 2021
What type of credit is a car loan?
I understand that there are different types of credit and that they are different from each other, but I can’t seem to find an answer for what category car loans fall under. What type of credit is a car loan?
Dec 03, 2021
What happens when you stop paying a car loan?
What would happen if I stopped paying my car loan bills? I’m having money problems right now and I’ve been trying to cut costs. My car loan takes a huge bite out of my monthly budget, so it would make a big impact to skip it.
Dec 03, 2021