calculating interest rate payments

What is a Good Interest Rate For a Car Loan?

Bringing home a new vehicle is exciting! When the time comes to consider how to finance your new vehicle, one question you may ask, “what is a good interest rate for a can loan?” Thefinance team at Findlay Acura can help you get the answers you need. In our helpful guide below, we go over in detail what is the average interest rate on a car loan and why those numbers may vary given the context of a few other factors. Learn more with us today!

What is the Average Interest Rate on a Car Loan?

The U.S. national average for a car loan with a 60-month term is 5.27%. Overall, there are many other factors that go into determining your specific interest rate and loan term length. In addition to loan term length, the following will also affect your personal car loan interest rate:

  • Credit score
  • Age of the car being financed 
  • Whether the vehicle is new or used
  • Liquid capital 
  • The cost of the car being financed
  • What institution you get the loan from

Generally, car-buyers in the North Las Vegas area can expect a quote between 3%-10% for an auto loan.

What is a Good Car Loan Rate?

So, what is a good car loan rate for you and how can you determine this? First, you’ll need to consider the rates you are quoted in context of the bulleted list above. For example, if you have perfect credit, these are the national average interest rates for various loan terms:

  • 36 Month – 4.21%
  • 48 Month – 4.31%
  • 60 Month – 4.37%
  • 72 Month – 4.45%

If your credit is less than perfect, or if you don’t have credit at all, you can expect your interest rates to be higher than the averages above. How can you ensure you’re getting the best rates? Here are a few tips:

  • If you can, spend some time strengthening your credit.
  • Shop around the greater North Las Vegas area for the most competitive rates.
  • Do your research. What rates have others in your similar circumstances secured? 

Get More Car-Buying Tips from Findlay Acura

After you do your research, contact us at the Findlay Acura finance team. We can help you find the loan and interest rates that work for you and your budget. Interested in getting the process started on a new model today? Apply for financing online! If you’d like to learn more car-buying tips and tricks, be sure to check out our online guide today!

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resource: https://www.valuepenguin.com/auto-loans/average-auto-loan-interest-rates
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