If you get a new vehicle or used vehicle in the Raleigh area, you may be thinking of taking out a car loan. So it’s no wonder that drivers ask us, “What is a good interest rate for a car loan?” and “What is a good car loan rate?”. To start, Hendrick Chevrolet Southpoint has a handy chart covering the average new and used car loan interest rates. Take a look to see where you fall based on your credit score, then explore some tips for getting a good car loan interest rate in Durham!
| 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% |
That covers, “What is the average interest rate on a car loan?”, but you probably want to know more about getting the best interest rate! We cover more about interest rates below.
So, what is the average interest rate on a car loan? For a three-year loan, the average interest rate ranges from 3% to 4.5%. If your interest rate deviates from this, it might be because of your credit score, or maybe even where you’re getting the loan.
Shop around Cary for car loans, or apply for financing through Hendrick Chevrolet Southpoint today! We maintain strong relationships with top local and national lenders, so we can connect you with the best possible rates.
What is a good car loan rate? As you can see in the chart above, a high credit score will net you a car loan rate well below 4%. To achieve the best possible interest rate, Chapel Hill drivers can take some practical steps. Here’s some advice for those asking, “What is a good interest rate on a car loan and how do I get it?”:
Look into new vehicle specials for savings on down payments and more!
At Hendrick Chevrolet Southpoint, we field a lot of questions from Durham drivers about interest rates and other car financing advice. That’s why our finance center is set up to simplify the car-buying process for everyone! If you have any questions like “What is a good interest rate for a car loan?” or want to learn about a car lease takeover, and more, go ahead and contact us.
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