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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?
Michael Miserendino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.MORE: New study confirms you’re probably overpaying for car insurance
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- 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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