What is a Good Interest Rate for a Car Loan?

A 2020 Nissan Rogue parked on a rad at sunset

You’re not the kind of person who just goes to a dealership and picks out a car without doing any research. You read all the reviews. You compare models. You check Kelly Blue Book. You find out the MSRP. You know exactly what features you want. You look all over the greater Tacoma area for the best price. You feel ready. But do you know if you’ve gotten a good interest rate on the loan? What is a good car loan rate? The friendly finance managers at Bill Korum's Puyallup Nissan of Puyallup can help you figure that out. But in the meantime, let’s talk about what the average rate on a car loan is, so that you can begin your car shopping odyssey prepared.

What is the Average Interest Rate on a Car Loan?

“What is a good rate for a car loan?” The answer depends on a few things: your credit score, the length of the loan, and whether the car is new or used. Let’s break down what the average interest rate on a car loan is by these factors.

Average Interest Rate on a Car Loan by Length of the Loan (2019)

  • 36 Month – 3.71%(new) 4.11%(used)
  • 48 Month – 3.81%(new) 4.18%(used)
  • 60 Month – 3.93%(new) 3.98%(used)
  • 72 Month – 3.78%(new) 3.65%(used)

Average Interest Rate on a Car Loan by Credit Score (on a 60-month loan)

  • 500-589 – 15.24%
  • 590-619 – 14.06%
  • 620-659 – 9.72%
  • 660-689 – 7.02%
  • 690-719 – 4.95%
  • 720-850 – 3.60%

What a Good Car Loan Rate is Varies by Lender

All lenders are not made equal. What the average rate on a car loan is can vary by which bank issues the loan. Fortunately, most dealers work with multiple lenders in order to find you the best rate. That means you don’t have to visit every lender in Bonney Lake to find the best rate.

Let Our Finance Department Help You Get Into Your Next Car

The experts in our finance department know what a good interest rate for a car loan is, and they will do everything possible to get it for you. They make it easy for you, too. You can even apply for financing online. And don’t forget to take advantage of our finance specials. We’re just a short drive away from Federal Way. So drop by or contact us today, or take a moment to learn more about Nissan Murano trim levels.

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101 Valley Ave NW • Puyallup, WA 98371

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