When you shop for a new car, there’s a good chance that you’re also going to shop for a car loan. Not many people pay for vehicles in full. What is a good interest rate for your car loan? It depends on your credit score. Take a look at our chart that shows what is a good interest rate for your car loan, then we’ll break down the facts about what a good car loan rate is and how to get one at Five Star Mazda.
| 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 a good car loan rate and how do you get one in Milledgeville or McDonough? Start with your credit score. The higher your credit score, the better your chances of getting a good car loan rate. What is a good car loan rate? The best loan rates available are usually between 3.7 percent and 13.76 percent. The better your credit score, the lower the interest rate.
When you know your credit score in advance and know what your interest rate is likely to be when you arrive at Five Star Mazda, you’ll be better able to negotiate for a better interest rate if you’re offered something higher than the rates we’ve listed. However, don’t let negotiating for a better car loan rate get in the way of negotiating a better price for the vehicle you want to purchase.
If you’re looking for what is the average interest rate on a car loan in Byron, it’s around 3 to 4.5 percent. That means a lot of car loans are going to drivers with higher credit scores. There are also differences between lenders and how they calculate the interest rate on car loans. This is why it’s a good idea to shop for your car loan from multiple sources. When you apply for financing with Five Star Mazda we’ll get your loan application to the many vendors in our network so you can see the difference in loan rates and choose the best one.
Knowing what is a good interest rate for a car loan can help you make smart financial decisions anytime you purchase a vehicle. When you shop at Five Star Mazda you can keep the savings coming with our new vehicle specials and used car deals. Our finance team wants to help you get the vehicle you want at a price that fits your budget.
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