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So, you’re thinking of getting a car loan? Well, buckle up and hold on tight because I’ve got some advice for you! Take a look at these auto loan interest rates and let’s see if we can navigate this crazy world of car loans together.

ValuePenguin Average Auto Loan Interest Rates

Check out these 2019 facts and figures from ValuePenguin:

The average auto loan interest rate for a new car is 4.24%. For a used car, it’s 4.46%. You might be thinking, “Cool, that’s not too bad.” But wait, there’s more.

CARCROT Auto Loan Rates

According to CARCROT, the national average interest rate for auto loans is currently 5.61% for new cars and 9.49% for used cars. Yikes!

Loan Walls Average Interest Rate On 84 Month Car Loan

And if you’re thinking about stretching out the term of your loan, Loan Walls reports that the average interest rate on an 84-month car loan is a whopping 5.12%.

Loan Walls Average Auto Loan Interest Rate By Credit Score

Finally, let’s talk about credit scores. According to Loan Walls, here are the average auto loan interest rates by credit score:

• Excellent (720-850): 3.34%
• Good (690-719): 4.85%
• Average (630-689): 7.12%
• Subprime (550-629): 14.39%
• Deep Subprime (300-549): 13.59%

So, what can we learn from all of this?

The Benefits of Good Credit

First and foremost, having a good credit score is key to getting a low interest rate on your auto loan. As you can see from the chart above, the difference between a subprime and excellent credit score can mean the difference between paying 3.34% and 14.39%. Ouch!

And while you might be tempted to stretch out the term of your loan to get lower monthly payments, remember that the longer your loan term, the more interest you’ll end up paying in the long run. Plus, you’ll be paying off your car for even longer.

Final Thoughts

So, what’s the takeaway from all of this? If you’re in the market for a car loan, do your research, check your credit score, and shop around for the best interest rate. And if you can, try to pay off your loan as quickly as possible to save on interest.

Good luck out there, and happy car shopping!

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What Is The Average APR For A Car Loan?

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