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Average car loan interest rates by credit score Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content, by enabling users to conduct research and compare information at no cost – so that you can make informed financial decisions. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that are featured on this site come from companies who pay us. This compensation could affect how and where products are displayed on this website, for example, for example, the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not consider the vast array of companies or financial offers that may be available to you. skynesher/Getty Images

3 minutes read. published December 02, 2022.

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Written by Bankrate The article was created using automation technology and thoroughly edited and fact-checked by an editor from our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers feel confident to control their finances. They provide clear, well-researched information that breaks down complicated topics into digestible pieces. Written by Mark Kantrowitz Reviewed by Nationally well-known student financial aid expert Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships, education tax benefits as well as student loans. The Bankrate promise

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who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporters and editors are focused on the points consumers care about most — different types of lending options and the most competitive rates, the most reliable lenders, how to pay off debt and much more. So you’ll be able to feel secure when making a decision about your investment. Integrity of the editing

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You have money questions. Bankrate has answers. Our experts have been helping you manage your money for more than four decades. We are constantly striving to give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and reliable. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content we create by our editorial team is objective, truthful and is not influenced by our advertisers. We’re honest regarding how we’re capable of bringing high-quality information, competitive rates and useful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or through you clicking certain links posted on our website. This compensation could impact how, where and when products are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether the product is available within your region or within your own personal credit score may also influence the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about every financial or credit products or services. Car loan interest rates are dependent on your credit score. The lower your score lower, the greater the interest rate you will pay. But, you don’t require a perfect score to get a good rate. To get the best deal , it is wise to look around and try to increase your score on credit, if it’s not in good state. Average auto loan interest rates based on credit score Car loan rate is tied in direct relation to the credit scores of your. With that said, you can still get an acceptable rate even without high-end credit. To gain a better understanding of just how much of a difference credit scores can make, and an idea of the rate at which your interest might land, it’s worth looking at the average rates by credit score. Credit score

The average interest rate for new automobile loans

Average interest rate on used vehicle loans

781 to 850

3.84%

3.69%

661 to 780

4.9%

5.47%

601 to 660

7.25%

9.81%

From 501 to 600

10.11%

15.86%

300-500

12.93%

19.81% Source: Factors that affect the auto loan interest rates While your credit score will play a large part in determining the amount of interest you pay however, there are other variables to be considered in conjunction with it. Credit score Two of the most popular scores used for assessing auto loans include FICO and VantageScore. Both account for several measures of financial health, such as payment history, credit utilization, credit mix and average age of the accounts. There are some distinctions in the amount of metrics that are used and the way they’re weighed. However, both scores are between 300 and 800. Lender Different lenders are going to have different credit underwriting requirements. In addition to your credit score, your income and debt-to-income ratio are going to be considered. Certain lenders may consider your educational or professional background or consider it more than other lenders. Outside of qualification and underwriting standards, some lenders also just offer lower rates than other lenders. Just know that the lowest APRs that are typically listed on lender sites — are offered to those with good credit. The amount you borrow Both the price of the vehicle and your down payment are factors in the amount you borrow. If you’re not willing to pay more than the amount required down, the lender may see it as a riskier proposition and increase the interest rate to compensate. The length of the loan The longer your loan term, the more the interest you’ll have to pay. But, aside from the additional interest accrued the lender may also offer higher rates of interest for longer loans. How can you get a lower car loan price There’s a number of methods to increase your odds of receiving a competitive interest rate no matter what your credit rating. Shop around Shop around with multiple lenders, including banks and the auto loan the interest rate. There are a few lenders that report to credit bureaus If you’re looking to build credit, be sure you choose a lender that has a credit bureau. Preapproval is required for applications. It’s recommended to speak with at three or more lenders before settling on one. You’ll need to supply some personal and work information, however, not every rate quote will require a credit test. As some may require a hard pull however, you should limit the application period to two weeks. Make a larger down payment A down payment can reduce the amount you need to be able to borrow. By decreasing the amount borrowed it means that the lender takes on lower risk. Less risk translates to reduced interest. Consider a co-signer in the event that you have less credit you might consider soliciting someone in your family or a trusted acquaintance with an outstanding credit score to . The co-signer is liable for the obligation if you are unable to pay the loan back, meaning there’s less risk for the lender. Be aware that this could cause stress on the relationship if you are unable to pay. How do you find the most affordable auto loans There are many different ways to locate the most suitable auto loan. Banks. When you’ve already established a working relationship with a bank and an excellent credit score, the bank could offer one of the most competitive interest rates. Make sure to read the complete agreement before you sign — some banks write in the clause that permits them to take from your savings or checking accounts. Credit unions. Like a bank, if you’re a member or a member of a credit union they may have a competitive interest rate. And if you have less-than-perfect credit, a credit union might consider ignoring the issue and offer an acceptable rate. Online lenders. There are a variety of online lenders that offer auto loans you can prequalify for. Similar to most direct lenders, you’ll likely get a better rate that you could get with a dealership. Car dealers. This is among the biggest ways that you can get . Dealers will add markups to the interest rates offered that means you’ll be charged more than you . Check with several different lenders before going to an auto dealer to find the most competitive rate. The bottom line: Low auto loan rates are typically only available to those with near-perfect credit scores. While it’s a good idea to be aware of the average rates, you’re never guaranteed to get the figure that is in line with the bracket you’re in. No matter if you know your credit score or not, you’ll be able to apply online for credit and then off to determine what kind of rates you’re eligible to receive. Find out more

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Written by The article was produced using automated technology, and was thoroughly checked for accuracy and quality by an editor from our editorial team. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing clear, well-researched information that breaks down otherwise complicated topics into digestible pieces.

Auto loans editor

Review by Mark Kantrowtiz by Nationally recognized student financial aid expert Mark Kantrowitz is an expert on financial aid for students, the FAFSA, scholarships, 529 plans educational tax benefits, as well as student loans.

Nationally recognized student financial aid expert

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