What is a Good Interest Rate for Your Car Loan?

Signing a finance doc

Buying a new car in Jacksonville isn’t just about finding the right vehicle: it’s also about locking down a good interest rate for your car loan. There are many factors that play into what makes a good car loan, including your credit score, down payment, and more, so let’s break down what is the average interest rate on a car loan and what you can do to put yourself in the strongest possible position. 

New and Used Car APR

Use this chart to get a general understanding of average new and used car annual percentage rate (APR) around Richlands.

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%

How Do You Get the Best Interest Rate?

Planning ahead is the best way to secure a good interest rate for a car loan near Sneads Ferry. Before you start your car shopping journey, make sure you have a handle on your credit history. The higher your credit score, the lower your interest rate will be, so if your score is not where you want it to be, you may want to hold off until you can make some improvements. 

Another way to get a good car loan rate is to negotiate with your sales team. If an offer comes back higher than you expected, take your time to calculate what you can realistically afford and don’t be afraid to counter. Your monthly payment is only one piece of the puzzle, so be sure to pay close attention to all the loan details. 

What is the Average Interest Rate on a Car Loan?

The average interest rate on a car loan hovers around 3-4.5%, but as seen with the chart above, that number can vary wildly depending on your credit history. Do your research and shop around to get the best possible rate for your situation; kick start the process when you apply for financing at Marine Chevrolet Cadillac! Our finance team can walk you through how to buy a new car and guide you towards the best loan option. 

Get Pre-Approved With Marine Chevrolet Cadillac 

Ready to discover what kind of interest rate you can get for your new or used vehicle? Get pre-approved at Marine Chevrolet Cadillac and arm yourself with knowledge by using our top car buying tips. Contact us with any questions! 

More From Marine Chevrolet Cadillac

  • 2021 Chevy Equinox Reviews

    The 2021 Chevy Equinox reviews are in, and the results shouldn’t surprise drivers who know the model’s history. This year it’s offering more than ever, building upon last year’s successes–and our neighbors near Camp Lejeune and Richlands are taking notice.  View Equinox InventoryContact Us 2021 Chevrolet Equinox Reviews: Performance Those at Car & Driver were quick…

  • 2021 Chevrolet Silverado 1500 Towing Capacity

    If you need power, the new 2021 Chevrolet Silverado 1500 stands head and shoulders above competitors. With a maximum towing capacity of 13,300 pounds, the Silverado 1500 has a payload of 2280 pounds, making it capable of just about every job you’ll need around Camp Lejeune. With a boxed high-strength steel frame, and series of towing…

  • What is the 2021 Chevy Colorado Towing Capacity?

    The 2021 Chevy Colorado towing capacity ranges from 3,500 to 7,700 pounds of power, which can transform the way that you navigate the Camp Lejeune roads. Whether heading to a work site or an epic adventure, the Chevy Colorado towing performance won’t let you down. Take a look at the specs and features behind this midsize truck,…

Saved Vehicles

SAVED VEHICLES

You don't have any saved vehicles!

Look for this link on your favorites:

Save

Once you've saved some vehicles, you can view them here at any time.

Contact Us

910-455-2121

Call Now

1408 Western Blvd • Jacksonville, NC 28546

Get Directions

Today's Hours:

Sales: Closed

Service: Closed

Parts: Closed

Marine Chevrolet Cadillac 34.789400, -77.402420.