What Is A Good Interest Rate On A Car Loan?
To ensure you are getting a fair deal on your next vehicle based on your credit score, we have provided a helpful chart as well as details on how to get the best car loan interest rate near Apex. Learn more about the average new and used car interest rates based on credit scores for that average. Once you have computed your interest rate, you can begin the vehicle financing process at Hendrick Chevrolet Cary. We make the financing process hassle-free! Get pre-approved from the comfort of home today.
Vehicle Loan Interest Rates
Use the charts below to estimate your new car loan interest rate or used car interest rate. You’ll see that while used vehicles are more affordable than new vehicles, the used car interest rates are higher than new car interest rates—something to consider as you shop around for your next vehicle.
Average New-Car Loan
Annual Percentage Rate
Average Used-Car Loan
Annual Percentage Rate
How Do You Get The Best Car Loan Interest Rate?
Planning ahead is key if you want to get the best car loan interest rate for your new Chevy. It is important to first check your credit score. The higher your credit score, the lower the new car loan interest rates or used car interest rates you can secure. You’ll also want to be ready to negotiate. So, what is a good car loan rate for a new vehicle? Based on the chart above, it could be anywhere between 3.17% and 13.76% depending on your credit score. Here are some additional tips to help you get a new car loan interest rate you’re comfortable with:
- Add a cosigner – If a low credit score is limiting you to a higher vehicle loan interest rate than you would like, consider adding a cosigner to your loan. This could be a family member or a close friend who you trust. When you get a cosigner who has better credit, it can help you get a better interest rate because you’re effectively borrowing their credit score. Just remember that if you start missing payments, the lender will defer to your cosigner for payment and their credit will take a hit too, not just yours.
- Save for a larger down payment – Depending on how urgently you need a new vehicle, you may not have a lot of time to save for a larger down payment. However, the larger the down payment you can make, the better position you’ll be in to get a good interest rate. Lenders will see you as less of a risk and you can get a lower interest rate because the loan balance is going to be smaller.
Remember that once you get your offer, it is still important to pay close attention to the other details of the deal. Once you’re satisfied with your vehicle loan interest rate and you’ve secured an offer that meets your needs and budget, you will be driving home to Raleigh in the vehicle of your dreams in no time!
What Is The Average Interest Rate On A Car Loan?
The average interest rate on a three-year car loan is approximately 3% to 4.5%. However, where you shop for the loan and your credit history could greatly affect this number. Shopping around and getting pre-approved before visiting the dealership helps to ensure that the process goes smoothly and that you are getting a competitive new car loan interest rate in the Charlotte area.
Apply For Financing At Hendrick Chevrolet Cary
At Hendrick Chevrolet Cary, our financial experts are with you every step of the way. We will get you approved and help you secure affordable financing whether you decide to lease or buy your next Chevy vehicle. If you have any questions about our lineup or the financing process, do not hesitate to contact us. We’re here to help you get the best car loan interest rate possible!