What's the minimum credit score needed for a decent car loan APR?
I want to get a car loan, but I don't want to pay a massive amount of interest. What's the credit score I need to get a good APR?
If you want to get a good APR (a percentage including interest and relevant taxes/fees) on your car loan, you’re going to need a credit score of 661 or higher.
A 661 credit score puts you in the prime range of scores, which often can get you a favorable rate. Your APR will stay about the same until you hit a 780 credit score, which is considered superprime and rewards you with the lowest APR possible.
If your credit score falls between 661 and 780, you can expect a new car loan rate between 3% and 4% and a used car loan rate between 4% and 6%. Rates are subject to change per your lender, vehicle, and other financial circumstances.
While you’re shopping for car loans, don’t forget about the car insurance you’re going to need for your new car. Use the Jerry app to compare competitive quotes from the nation’s top insurance providers and secure an affordable policy.
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