Examples of APR for Car Loans With Different Variables
Excellent (750 - 850): 4.93 percent for new, 5.18 percent for used, 4.36 percent for refinancing. Good (700 - 749): 5.06 percent for new, 5.31 percent for used, 5.06 percent for refinancing.
What's a good APR rate for car?
Credit score range
Is 4% APR for a car high?
Generally speaking, if your credit score is 700 or less, 4.5% APR is considered good. In fact, it's close to average for a standard car loan. If your credit score is above 750, you can likely find lower interest rates in the 2% to 3% range.
What APR is too high for a new car?
A high APR (annual percentage rate) car loan is one that charges higher-than-average interest rates. The legal limit for car loans is around 16% APR, but you will find lenders that get away with charging rates of 25% or more.