Excellent credit(750+): individuals with outstanding credit scores typicallt secure the lowest interest rates on car loans. Rates may range between 2% to 4% APR (annual percentage rate).
Good credit (680-749): Borrowers with good credit scores can expect interest rates between 4% and 6% APR.
Fair credit (630-679): Interest rates for borrowers with fair credit scores may fall between 6% to 8% APR.
Average credit (580-629): Individuals with average credit scores typically receive interest rates ranging from 8% to 10% APR.
Below-average credit (579 or lower): Borrowers with credit scores below 579 may encounter interest rates of 10% APR or higher.
It's worth noting that these are general ranges, and actual rates offered may vary between lenders. Additionally, some subprime lenders may charge even higher interest rates to borrowers with poor or no credit.
Before applying for a car loan, it's advisable to check your credit score, improve it if necessary, and compare interest rates from multiple lenders to obtain the best possible deal.
