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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 mission is to help you make better financial decisions by offering interactive tools and financial calculators as well as publishing original and objective content. We also allow you to conduct your own research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products are displayed on this site, including, for example, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does not influence the information we provide, or the reviews that you read on this site. We do not cover the vast array of companies or financial offers that may be available to you. skynesher/Getty Images

3 min read Published December 02, 2022

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Written by Bankrate Written by Bankrate. This article was written using automation technology and thoroughly edited and fact-checked by an editor from our editorial staff. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing precise, well-researched and well-edited information that breaks down otherwise complicated subjects into bite-sized 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 as well as scholarships, 529 plans, tax benefits for education as well as student loans. The Bankrate promises

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We make sure that everything we publish ensures that everything we publish is accurate, objective and reliable. We have loans reporter and editor are focused on the areas that consumers are concerned about most — the different types of lending options as well as the best rates, the best lenders, ways to repay debt, and many more — so you can feel confident when making a decision about your investment. Editorial integrity

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You have money questions. Bankrate has the answers. Our experts have been helping you master your money for more than four decades. We continually strive to provide our readers with the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the right financial choices. The content created by our editorial staff is factual, objective, and not influenced by our advertisers. We’re transparent about the ways we’re able to bring quality content, competitive rates and helpful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services or when you click on specific links on our site. This compensation could impact how, where and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other home lending products. Other factors, like our own website rules and whether or not a product is offered in the area you reside in or is within your own personal credit score may also influence the manner in which products are featured on this website. We strive to provide a wide range offers, Bankrate does not include details about every credit or financial products or services. Car loan interest rates are determined by the credit score of your. The lower your score will be, the higher your interest rate will be. But, you don’t have to have an impeccable score to qualify for a good rate. To get the best deal most suitable rate, shop around and work to increase your score on credit if it isn’t in the best state. Average auto loan rates based on credit score loan interest rates are linked directly to your credit score. However it is possible to get an acceptable rate even without high-end credit. To get a clearer idea of how much of a difference it can make, and an idea of where your interest rate might be, take a look at the average rates by credit score. Credit score

Average interest rate for brand new automobile loans

Average interest rate of used automobile loans

781-850

3.84%

3.69%

661 to 780

4.9%

5.47%

601 to 660

7.25%

9.81%

Between 501 and 600

10.11%

15.86%

300-500

12.93%

19.81% Source: Factors that impact the auto loan interest rates Although your credit score plays significant roles in determining the amount of interest you will pay but there are many other aspects to be considered in conjunction with it. Credit score Two of the most popular scores used for assessing auto loans are FICO and VantageScore. Both are used to determine various aspects of financial wellness, including payment history, credit utilization as well as the credit mix, and the average age of accounts. There are some distinctions in the amount of metrics used and how they’re weighted. Both scores fall between 300 and 800. Different lenders are likely to apply different credit underwriting requirements. Aside from credit score, your income and debt-to-income ratio are going to be considered. Some may take into account your educational or professional background or weigh it more heavily than others. Outside of qualification and underwriting criteria, some lenders just offer lower rates overall than others. Be aware that the lowest APRs (usually displayed on lender websites — go to borrowers with excellent credit. The amount borrowed Both the cost of the car and your down payment factor into the amount borrowed. If you’re unable to pay more than the required amount down the lender might view it as riskier and raise the rate of interest to compensate. The length of the loan The longer the loan duration, the greater cost of interest you’ll be paying. However, in addition to the additional interest accrued the lender may also charge higher interest rates for longer loans. How can you get a lower auto loan interest rate There are a number of ways to improve your chances of getting a competitive interest rate, no matter what your credit rating. Explore multiple lenders, including banks and the auto loan interest rates. Not all lenders have a credit report So if you’re looking to improve your credit score, make sure to pick one that does. Preapproval is required for applications. It’s a good idea to with at three or more lenders before you settle on one. You’ll need to submit personal and work information, however, not all rate quotes will require a credit test. Because some do require a hard pull so it’s best to limit the application period to two weeks. Consider a larger down payment A down payment decreases the amount you have to borrow. Through reducing the amount of money borrowed the lender takes on less risk. The lower risk means reduced interest. Get a co-signer If you have a lower credit score Consider having someone in your family or a trusted acquaintance with an excellent credit rating . Co-signers will take on the debt if you can’t pay the loan back, meaning that there’s less risk to the lender. Be aware that this could cause stress on the relationship if you’re not able to pay. Where to find the best auto loans There are numerous options to find the top auto loan. Banks. If you already have a working relationship with a bank and have a high credit score, then your bank could offer one of the most competitive interest rates. But read the entire agreement before you sign -Some banks include a clause that allows them to take from your savings or checking account. Credit unions. Like a bank, if you’re 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 accept this and give you an acceptable rate. Online lenders. There are many online lenders that offer auto loans you can prequalify for. As with the majority of direct lenders, you’ll likely get a better rate that you could get to dealers. Car dealers. This is one of the best ways that you can get . Dealers add markups to rates of interest and you’ll end up stuck paying more than if you had a loan . Compare several lenders prior to visiting an auto dealer to find the best deal possible. The bottom line: Low car loan rates are typically reserved for borrowers with near-perfect credit scores. Although it’s helpful to understand the typical rates, you’re not sure if you’ll get the rate which is in line with the credit range you’re in. No matter if you know whether you have a good credit rating or not you’ll be able to apply online for credit and then off to determine what kind rate you’re qualified to receive. Learn 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 on our editorial staff. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched facts that break down otherwise complex subjects into bite-sized pieces.

Auto loans editor

Review by Mark Kantrowtiz by Nationally known expert on student financial aid Mark Kantrowitz is an expert on student financial aid, the FAFSA, 529 plans, scholarships, education tax benefits and student loans.

Nationally anerkannt student financial aid expert

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