Question: What Is A Good Used Car Loan Interest Rate??

Cost of a $16,000 Five-Year Car Loan on a Used Vehicle

Credit Score Interest Rate Monthly Payment
750+ 4.17% $296
700-749 4.19% $296
650-699 7.37% $320
450-649 12.76% $362

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What is the current interest rate on used cars?

Get current auto loan rates and choose a loan that’s right for you

Dates 60-month new car 36-month used car
9/25/2019 4.61% 5.15%
9/18/2019 4.62% 5.13%
9/11/2019 4.62% 5.13%
9/4/2019 4.58% 5.09%

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What is the interest rate on used car for 60 months?

For a 60-month term, Bank of America’s APR starts at 3.39 percent for a new car and 3.59 percent for a used car.

What is the average interest rate on a car loan with a 700 credit score?

But a higher score will almost certainly get you a lower interest rate. At the end of 2017, the average credit score for a new-car loan was 713, and 656 for a used-car loan, according to an Experian report. But nearly 20% of car loans go to borrowers with credit scores below 600, according to Experian.

Is a 72 month car loan bad?

Alarming car buying statistics

Auto loans over 60 months are not the best way to finance a car because, for one thing, they carry higher car loan interest rates. Experian reveals that 42.1% of used-car shoppers are taking 61- to 72-month loans while 20% go even longer, financing between 73 and 84 months.

What is a good APR for a used car?

Auto Loans for Good, Fair and Bad Credit

Credit score Average APR, new car Average APR, used car
Source: Experian Information Solutions
Prime: 661-780 4.56% 5.97%
Nonprime: 601-660 7.52% 10.34%
Subprime: 501-600 11.89% 16.14%

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What is best month to buy car?

Shop late in the year and late in the month

The months of October, November and December are the best time of year to buy a car. Car dealerships have sales quotas, which typically break down into yearly, quarterly and monthly sales goals. And all three goals begin to come together late in the year.

Is the interest rate higher on used cars?

In general, loan rates on a new vehicle are better than those on a used car. Usually, only new cars qualify for zero percent financing, though some automakers occasionally push certified pre-owned cars with zero percent offers. In general, the older the car is, the higher the interest rate is.

What bank has the best used car loan rates?

The 7 Best Auto Loan Rates of 2019

  • Best Overall Rates: Consumers Credit Union.
  • Best for Bad Credit: SpringboardAuto.
  • Best Big Bank Lender: CapitalOne.
  • Best for Refinancing: OpenRoad Lending.
  • Best for Tech Junkies: Carvana.
  • Best for Shopping Around: LendingTree.
  • Best for Shopping Around for Refinancing: Lending Club.

Can you finance a used car for 60 months?

A 60 month used car loan is a good option for those wanting to purchase a vehicle, have lower auto loan rates or decent monthly payments. 60 month car loans are widely available and can be attained easily.

Is 2.9 Apr good for a car?

Dealerships will often advertise very good interest rates on new cars: 2.9 percent, 1.9 percent, sometimes even 0 percent. What they leave in the fine print is that these rates are only available to buyers with the best credit—that may mean a FICO score of 750 or better.

Can you get 72 months on a used car?

A 72 month used car loan should not be your first choice. Even though your monthly payments are lower with the 72 month used car loan, the total you pay will be much higher because the interest rate is higher and you are paying it for a longer period of time.