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In order to avoid overpaying on your vehicle’s interest before you buy a car in Gulf Breeze, you’ll want to learn about what a good interest rate is for your car loan. Keeping your credit score in mind, we’ve put together a chart to help you learn more about new and used car loans as well as the APR, or Annual Percentage Rate, for them. In the meantime, contact our finance team with any questions or to get the financing process started.
| 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% |
What is the best interest rate for a car loan and how do you get it? Plan ahead and do your research. First you’ll want to check your credit score. The higher your credit score, the lower the interest rate. Also, keep in mind that you can negotiate. The first offer you receive isn’t the only offer. So what is a good car loan for drivers in Navarre? This could be anywhere from 3.17% and 13.76% depending on your credit score. Once you check out our chart above and note your credit score, you can plan for the rate you want and negotiate if you’re offered something higher than anticipated. You’ll also want to be wary of the offer itself. Don’t put all of your focus on the monthly payment amount and ignore the other details.
The average interest rate on a three-year car loan is around 3% to 4.5%, but Mobile, AL car-buyers may be offered something out of this range depending on their credit score. In the end, research where you’re getting the loan from, compare interest rates, and shop around to ensure you’re getting the right deal for you.
At Allen Turner Genesis, you can get the pre-approval process started to see what the interest rates will be for your auto loan. In the meantime, you can contact us or visit our finance center in Pensacola with any questions. We look forward to helping you get the interest rate and payment plan that works for you.
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