What Is a Good Interest Rate for a Car Loan?

happy couple with car dealer in auto show or salon

Shopping around the Yukon area for good interest rates on a car loan doesn’t have to be intimidating or discouraging. If you plan ahead, you can help ensure a better APR (Annual Percentage Rate) on a car loan so you can bring home a new, certified pre-owned, or used car for a price you can be proud of. As you familiarize yourself with the chart below to see how your credit score and other important factors can influence the interest on a car loan, note where you may fall based on your current situation. With any other questions regarding financing a new-to-you vehicle, contact our Westpointe Chrysler Jeep Dodge finance team today.

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%

How Do You Get the Best Interest Rate?

There are a few steps you can take to secure the best possible interest rate for your lifestyle in Oklahoma City:

  • Know Your Credit Score
    As you may have noticed in the chart above, your credit score is paramount in determining what is a good car loan rate for each individual driver in Yukon. Check your credit report frequently and spend some time strengthening it by making regular, timely payments if it is not in the best shape. The higher your credit score, the lower your Annual Percentage Rate will be on your car loan.
  • Shop Around
    To get the best possible interest rate, you’ll want to compare the rates you are quoted. If you shop around for car loans at different financing entities around Mustang, you’ll be more prepared to determine what rates are the most competitive. Knowing your options gives you the ability to choose the lowest.
  • Prepare to Negotiate
    The rates that you are quoted are not set in stone — you have the agency to negotiate your rates down to a more manageable number. Be ready to read the fine print and take a comprehensive look at the full offer.

What Is the Average Interest Rate on a Car Loan?

El Reno car-buyers can expect the average interest rate on a three-year car loan to range from 3% to 4.5%. Again, your credit report is what ultimately determines where your rate will fall within this window. Also, average interest rates on car loans can vary based on whether the vehicle is new or used.

Apply for Financing at Westpointe Chrysler Jeep Dodge

If you’re interested in financing a new, certified pre-owned, or used vehicle from Westpointe Chrysler Jeep Dodge, contact our finance department today. You can apply for financing ahead of time online, or stop by the dealership to learn more about any current new vehicle specials and other helpful car-buying tips. Our inventory of Jeep Gladiator models, Chrysler Pacifica vans, and many more vehicles are ready for you to test drive today!

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405-265-1400

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11001 W Reno Ave • Yukon, OK 73099

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Westpointe Chrysler Jeep Dodge

11001 W Reno Ave Yukon, OK

Phone: 405-265-1400

http://maps.google.com/?q=11001%20W%20Reno%20Ave%2C%20Yukon%2C%20Oklahoma%2C%20OK%2073099

Sales

Phone: 405-265-1400

11001 W Reno Ave Yukon, OK

Mobile Sales

Phone: 405-265-1400

11001 W Reno Ave Yukon, OK

Service

Phone: 405-265-1400

11001 W Reno Ave Yukon, OK

Mobile Service

Phone: 405-265-1400

11001 W Reno Ave Yukon, OK
35.4655413 -97.7159764
Westpointe Chrysler Jeep Dodge 35.4655413, -97.7159764.