Why is my car loan APR high if my credit score is 850?

"I'm shopping for a car loan and read that people can get interest rates of 2% to 3% with great credit.

I have a credit score of 810, but the lowest APR I can find is 5%. What gives?"

Answer provided by
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Eric Schad
Answered on Jun 10, 2021
“Chances are that you’re extending your loan out to 60 months or more.
If you lower the length of the loan to 24, 36, or even 48 months, you’ll probably see that interest rate drop to the 2% or 3% rate.
Make sure to keep shopping around as much as you can to find the best interest rate.”
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