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A driver in Woodland Hills with great credit might have a car loan rate around 4%, while someone in Northridge with poor credit could end up with an annual percentage rate over 10%. That’s why it’s important to look at the range of values. What is the average interest rate on a car loan? Generally speaking, the annual percentage rate is between 3-4.5% for a three-year loan. Check out the specifics below:
When it comes to interest rates, the lower the better. However, those 3% interest rates just might not be in the cards if you have no credit or poor credit – but there’s no need to fear! There are plenty of ways to improve your odds at the dealership, from making a bigger down payment to negotiating a trade-in deal.
The best way to get a good interest rate is to gather as much information as possible. Checkyour credit score to get an idea of what rates you can expect and if you can, start to work on ways to improve your standing – pay off outstanding loans, make future payments on time, and so forth. Additionally, shop around and see where you can get the best rates. Just be sure to complete your applications within a 14 day period to avoid negative credit reporting. Finally, remember that the interest rate is just one part of your loan, so don’t overlook the fine print on your agreement!