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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 goal is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free – so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this website are provided by companies who pay us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law for our mortgage home equity, mortgage and other home loan products. However, this compensation will not influence the information we publish, or the reviews you read on this site. We do not consider the vast array of companies or financial offers that may be open to you. skynesher/Getty Images

3 minutes read. The publication was published on December 02, 2022.

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At Bankrate, we ensure the accuracy of our content very seriously. “Expert verified” signifies we have the Bankrate Financial Review Board thoroughly evaluated the article for clarity and precision. This Review Board comprises a panel of experts in finance whose goal is to ensure that our content is objective and balanced. Their evaluations hold us accountable for publishing quality and reliable content.

Written by Bankrate Written by The article was created using automation technology and thoroughly checked and edited by an editor on our editorial staff. 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 by providing clear, well-researched information that breaks down otherwise complicated subjects into bite-sized pieces. Reviewed by Mark Kantrowtiz Reviewed by Nationally well-known expert on student financial aid Mark Kantrowitz is an expert on student financial aid including the FAFSA, scholarships, 529 plans, educational tax benefits, as well as student loans. The Bankrate guarantee

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who ensure everything we publish is objective, accurate and reliable. Our loans journalists and editors concentrate on the things that consumers are interested about most — various kinds of lending options as well as the best rates, the most reliable lenders, how to pay off debt and many more — so you can feel confident when making a decision about your investment. Integrity of the editing

Bankrate follows a strict , so you can trust that we’ll put your needs first. Our award-winning editors, reporters and editors create honest and accurate information to help you make the right financial decisions. The key principles We appreciate your trust. Our aim is to provide our readers with reliable and honest information, and we have standards for editorial content in place to ensure that happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure the information you’re reading is accurate. We keep a barrier between our advertisers and our editorial team. Our editorial team doesn’t receive any direct payment from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU the reader. Our aim is to provide you the most accurate information to assist you in making smart personal finance decisions. We adhere to the strictest guidelines in order to make sure that content isn’t affected by advertisements. Our editorial staff receives no direct compensation from advertisers, and all content is checked for accuracy to ensure its truthfulness. So when you read an article or a review, you can trust that you’re getting credible and reliable information. What we do to earn money

You have money questions. Bankrate has answers. Our experts have been helping you manage your finances for more than four decades. We strive to continuously give our customers the right advice and tools needed 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 precise. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial decisions. The content created by our editorial staff is objective, factual and uninfluenced from our advertising. We’re open about the ways we’re capable of bringing high-quality content, competitive rates, and useful tools to you , by describing how we earn money. is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services or when you click on specific links on our website. So, this compensation can affect the way, location and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other elements, like our own website rules and whether or not a product is available within your area or at your self-selected credit score range may also influence the manner in which products are featured on this website. Although we try to offer an array of offers, Bankrate does not include details about every financial or credit product or service. Car loan rates are dependent on the score you have on your credit. The lower your score lower, the greater the interest rate you will pay. However, you don’t need to have a perfect score in order to receive an affordable rate. To get the best deal most suitable rate, look around and try to improve your credit score, if it isn’t in the best condition. Average auto loan interest rates based on credit score Car loan interest rates are tied directly to your credit score. In the end it is possible to get an affordable rate even if you don’t have high-end credit. To get a clearer idea of the magnitude of a difference a could make, and to get an idea of the rate at which your interest might be, you should look at the typical rates based on credit score. Credit score

The average interest rate for new automobile loans

The average interest rate for used car loans







601 to 660



501 to 600



300 to 500


19.81 percent Information on factors which influence auto loan interest rates Although your credit score plays significant roles in determining how much interest you pay however, there are other variables to be considered in conjunction with it. Credit score: The two most commonly used scores used when underwriting auto loans comprise FICO and VantageScore. Both are used to determine various aspects of financial health, such as payment history, credit utilization as well as the credit mix, and the average age of the accounts. There are some distinctions in the amount of metrics used and how they’re weighed. Both scores fall between 300 and the 850 mark. Lender Different lenders are going to use different criteria for credit underwriting. Apart from your credit score your income and debt-to-income ratio are going to be considered. Some may take into account your professional or educational background or consider it more than others. Outside of qualification and underwriting standards, some lenders also just offer lower rates in general than other lenders. Be aware that the lowest APRs that are typically listed on lender websites — go to those who have excellent credit. Amount borrowed Both the price of the car and your down payment factor into the amount you borrow. If you’re unable to pay more than the required amount down the lender may see it as a riskier proposition and increase the rate of interest to make up for the risk. The length of the loan The longer the loan period, the higher cost of interest you’ll be paying. In addition to the added interest and the higher interest rates charged by lenders, lenders can also be more expensive on longer loans. How can you get a lower rate on your auto loan price There’s several ways to improve your chances of receiving a competitive interest rate whatever your credit history. Shop around Shop around with various lenders, such as banks and the auto loan interest rates. Not all lenders have a credit report, so if you’re trying to build your credit make sure to pick one that has a credit bureau. Apply for preapproval It is a good idea to with at three lenders before settling on one. You’ll need to supply some details about your employment and personal information, however, not every rate quote will need a credit check. Since some require a credit check so it’s best to limit the application period to two weeks. Consider a larger down payment A down payment can reduce the amount you need to borrow. By decreasing the amount borrowed the lender is able to take on less risk. This means less interest. Consider a co-signer in the event that you have an unsatisfactory credit score you might consider having a family member or trusted friend with an outstanding rating to . Your co-signer will assume the debt if you can’t pay it back, which means there’s less risk for the lender. Keep in mind that this could put stress on a relationship if you are unable to pay. Where can you find the top car loans There are numerous avenues you can use to find the best auto loan. Banks. In the event that you have an existing connection with a bank and have a high credit score, your bank might offer one of the lowest interest rates. But read the entire contract before signing — some banks write in the clause that permits them to take from your savings or checking account. Credit unions. Like a bank and 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 may accept the issue and offer the rate at a fair amount. Online lenders. There are a variety of online lenders that offer auto loans you can prequalify for. Like the majority of direct lenders, you’ll likely get a better rate that you could get through dealers. Car dealers. This is one of the most effective ways you can get . Dealers add markups to rates of interest, which means you’ll be charged more than you had a loan . Check with several different lenders before going to a dealership to get the best deal possible. The bottom line: Low auto loan rates are typically restricted to those with perfect credit scores. And while it’s good background to be aware of the average rates, it’s not guaranteed to get the figure that is in line with the bracket you’re in. Whether you know your credit score or not, you’re able to apply online for credit and then off to determine what kind and rates are available to you to receive. Learn more


Written by This article was created using automated technology and thoroughly edited and fact-checked by an editor on our editorial staff. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied facts that break down complex subjects into bite-sized pieces.

Auto loans editor

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

Nationally acknowledged expert in student financial aid

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