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When you’re shopping for an auto loan in New London, you want to make sure you’re not overpaying on interest. Do you know what is a good interest rate for a car loan? It’s based on your credit score. Westbrook Honda has a chart that outlines what is a good car loan rate by credit score. Take a look at it, then find out how to get the best possible interest rate when you apply for financing with Westbrook Honda.
| 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% |
Start planning ahead in Branford before you begin car shopping if you’re hoping to get the best possible interest rate. The first thing you can do is stay on top of your credit score by going over it for errors and having them corrected. The higher your credit score, the better your interest rate will be, and errors can unnecessarily drag down your score. Second, be prepared to negotiate.
What is a good car loan rate? It could be anywhere from 3.17 percent to 13.76 percent. Take a look at the chart, choose the rate that fits your credit score, and prepare your negotiations if you’re offered a higher loan rate than what the chart says is reasonable. You’ll also want to be prepared to negotiate the asking price of the vehicle. A higher interest rate with a lower vehicle price might be the better deal in Middletown!
The average interest rate on a car loan is around three percent to four and a half percent, but that rate might not be available if your credit score needs some work. The best way to get the best deal is to shop around and comparison shop both loans and vehicles.
The finance center at Westbrook Honda wants you to benefit from their years of experience. Start by reading our collection of car-buying tips that help you with every aspect of your vehicle purchase. Let us guide you to a good interest rate on a car loan today!
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