What is a Good Interest Rate for Your Car Loan?

car financing paperwork

What is a good car loan rate? This is an important question to be able to answer before going to the negotiating table. To ensure they’re getting a good deal, Columbia drivers should look over our chart of interest rates and their corresponding credit scores. This will give you an idea of what the average interest rate on car loan in your credit bracket is. With this knowledge, you’ll be able to pass on bad deals. We’ll also cover how to optimize your interest rate. Once you’re ready to begin negotiating, explore our inventory, and get in touch to schedule some test drives. Find out what is a good interest rate for a car loan below!

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 Average Interest Rate on a Car Loan?

Now that you know what a good interest rate is for a car loan, Irmo drivers might be wondering, “what is the average interest rate on a car loan?”. Independent of your credit score, the average interest rate in the U.S. for a three-year car loan is 3% to 4.5%. This may not apply to you given your score. The best way for Aiken drivers to get a sense of what the average interest rate on a car loan is for their score in their area is to shop around, get pre-approved, and compare offers.

Apply for Financing at Honda of Columbia

What is a good car loan rate for your credit score? Find out by choosing Honda of Columbia. We’ll always offer a rate to compete with other West Columbia Honda dealers. Be sure to explore our incentives, rebates, and vehicle specials to see just how much you can save. If you have any more questions about the car buying process, like how to determine good mileage on a used car, simply check out our car buying tips for help.

Get Directions

4333 Sunset Boulevard, Lexington, SC, 29072
Honda of Columbia 34.020301, -81.155003.