Hendrick Porsche
If you’re getting ready to apply for financing on a new or used vehicle in Matthews, a smart question to ask is, “What is a good interest rate for a car loan?” You don’t want to accept a bad interest rate and overpay for your vehicle. What is a good car loan rate for one driver may be different from another, as interest rates are dependent on credit scores. In the table below, you can view the average car loan rates for new and used vehicles to see where you should aim based on your credit score.
Credit scores range from 300 to 850. The higher your credit score, the lower the interest rate you can qualify for. Generally, interest rates for used cars are higher than the interest rates for new cars, but this is mostly offset by the lower sticker prices for used cars. What is the average interest rate on a car loan based on credit scores? See where you land on this chart:
| Average Credit Score for New Car | Annual Percentage Rate | Average Credit Score for Used Car | Annual Percentage Rate |
| 781-850 | 3.17% | 781-850 | 3.8% |
| 661-780 | 4.03% | 661-780 | 5.48% |
| 601-660 | 6.79% | 601-660 | 10.1% |
| 501-600 | 10.98% | 501-600 | 16.27% |
| 300-500 | 13.76% | 300-500 | 19.32% |
Understanding how your credit score affects the interest rates you qualify for is just one piece of the puzzle. Review these helpful tips to ensure you get the best rate possible on your next vehicle:
The finance center at Hendrick Porsche is here to help Indian Trail drivers secure a favorable rate on their new or used car loan. Apply for pre-approval online to get started with us today. We have strong relationships with local and national lenders, and our team will work hard to pair you with the best loan for your budget. Have questions? Drop by in Charlotte or contact us and we’ll be happy to provide more information.
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