What is the average car loan interest rate?
Non-prime lenders in this category have an average interest rate of 6.57% for new cars and 10.33% for used cars. If you have poor credit, your credit score is likely below 600. You can expect your lender to offer an interest rate of 9.75% to 12.84% for a new car and 16.85% to 20.43% for a used car.
What credit score does it take to get a car loan?
Credit scores of 740 or higher — what’s considered very good — will help you qualify for the lowest auto loan interest rates. But even if your credit score is lower, you may still qualify for a decent rate. How can I get the best car loan interest rate?
How do you calculate a car loan?
Calculate on your own. You will need the interest rate, term and loan amount, just as you would for any other method. Divide your interest rate by the number of payments in a year, then multiply it by your loan balance. The resulting number will be how much your interest payment for the month is. Use an auto loan calculator.