The actual interest rate you will pay on a car loan will depend on your credit score, the amount you are borrowing, and the term of the loan. People with good credit can typically get lower interest rates than people with bad credit. You can also get a lower interest rate by making a larger down payment.
Here is a table showing the average car loan interest rates for different credit scores and loan amounts:
| Credit Score | 36-Month Loan | 60-Month Loan |
|---|---|---|
| 760+ | 3.19% | 3.59% |
| 720-759 | 3.49% | 3.89% |
| 680-719 | 3.99% | 4.29% |
| 640-679 | 4.49% | 4.79% |
| < 640 | 5.49% | 6.49% |
As you can see, the interest rate on a car loan can vary significantly depending on your credit score and the amount you are borrowing. If you have good credit and make a large down payment, you can get a much lower interest rate than if you have bad credit and make a small down payment.
It is important to compare interest rates from multiple lenders before you take out a car loan. The interest rate is just one of many factors that you should consider when choosing a car loan, so be sure to compare the total cost of the loan as well.
