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Credit score. Average interest rate for new car loans. Average interest rate for used car loans. 781 to 850. 5.61%. 7.43%. 661 to 780. 6.88%. 9.33%. 601 to 660. 9.29%. 13.53%. 501 to 600....
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
Those with poor credit scores saw the largest average balance increase, 8.8%, as subprime financing costs, which already carry much higher financing APRs than car loans for those with better...
Nearly every consumer will have different FICO scores depending upon which type of FICO score is ordered by a lender; for example, a consumer with several paid-in-full car loans but no reported credit card payment history will generally score better on a FICO automotive-enhanced score than on a FICO bankcard-enhanced score.
Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it...
So, a “bad” annual percentage rate for a car would be on the upper end of these numbers. Seek a lender that offers you an average rate for your credit score or better.
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