If you’re like most Birmingham car shoppers, you want to avoid overpaying car loan interest. For a better understanding of what you can expect to pay in terms of APR, we’ve created a chart that breaks down common interest rates for new and used vehicles based on credit scores. Keep in mind that these aren’t definitive rates but rather a breakdown of what drivers typically see when they finance. When you’re ready, apply for financing with the finance team at Fred Lavery Porsche Company to get the process started.
Annual Percentage Rate for a New Car
4.77%
6.40%
9.59%
13.08%
15.75%
To get the best interest rate, the first thing you’ll want to do is plan ahead. Check your credit history and note the score. The higher the credit score, the lower your interest rate will be. You’ll also want to be ready to negotiate.
So, what is a good car loan rate? There’s no singular answer for Bloomfield Hills drivers. Based on the chart above, there are multiple ranges for new and used cars that are based largely on credit scores. After looking at the chart, plan the rate you want and be prepared to negotiate if they offer you something higher than you expected. Also, be careful of the offer. You don’t want to focus only on the payment and ignore the rest of the deal. Pay close attention to the details.
The average auto loan interest rate for new cars is about 6.6%, while used cars have an average rate of around 10.8%. But you may receive a different offer based on your credit score, as well as where you’re getting the loan. Additionally, changes in international trade may affect prices, rates, and availability for new and used vehicles, making it more difficult to pin down APRs. In the end, the easiest way to compare your car loans and interest rates is to shop around or get pre-approved and compare that way.
Our finance center near Rochester Hills can help you with the pre-approval process and get you behind the wheel of your dream vehicle at a reasonable rate. Contact us to compare rates or to get
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