Who Has the Best Car Loan Rates?

Person Signing Paperwork

That depends on what kind of car you’re looking at as well as your current financial situation. A better question to ask is: Who has the best car loan rates for me? You can find loans through lenders such as MyAutoLoan, U.S. Bank, and Bank of America to name a few. At Automotive Avenues, find the loan that’s right for you and your budget. Contact our finance department today to learn more or apply online.

 


What is the Current Interest Rate for Car Loans?

Current rates depend on your credit score. The better your credit, the lower the interest rate. It’s best to keep your credit score in a good spot and raise it when you can. This can mean making small purchases and paying them off right away.

On average, these are what the credit score to interest rate breakdowns are:

    • Superprime: 781-850 = 4.77% average APR on a new car and a 7.67% average APR on a used car 
  • Prime: 661-780 = 6.40% average APR on a new car and a 9.95% average APR on a used car 
  • Noneprime: 601-660 = 9.59% average APR on a new car and a 14.46% average APR on a used car 
  • Subprime: 501-600 = 13.08% average APR on a new car and an 19.38% average APR on a used car 
  • Deep Subprime: 300-500 = 15.75% average APR on a new car and a 21.81% average APR on a used car 

Please note that due to changes in global trade policies, new and used vehicle availability and pricing will shift. This may end up affecting auto loan interest rates. To get the most current interest rates on car loans, reach out to ourfinance team. 

Car Loans & How to Get One

What is a good car loan rate? As shown above, it depends largely on your credit score. When it comes to obtaining a car loan, you can start the process online if you’d prefer. You’d need a few pieces of information on hand, including:

  • Driver’s license and Social Security number
  • Employment verification
  • Proof of income
  • Proof of assets

Once you have these things in order, go online to apply for financing through Automotive Avenues. You can also come in to talk to someone in our finance department.

Apply for a Loan at Automotive Avenues

View our new vehicle specials as well as lease offers to learn how you can make purchasing or leasing a new vehicle more affordable. Contact us today to find out your options as well as our current loan rates.

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