What interest rate should I expect on a car loan with a 700 credit score?
Average Auto Loan Rates for Good Credit
| Credit Score | New Car Loan | Refinance Car Loan |
|---|---|---|
| 700-749 | 9.63\% | 4.17\% |
What is the average interest rate on a car loan with 600 credit score?
A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 3.48\% or better, or a used-car loan around 5.49\%….Better credit means lower costs.
| Credit score | Average APR, new car | Average APR, used car |
|---|---|---|
| 601-660 | 6.61\% | 10.49\% |
| 501-600 | 11.03\% | 17.11\% |
| 300-500 | 14.59\% | 20.58\% |
What is the interest rate for a 72-month auto loan?
Contrast that with a 72-month auto loan. The interest rate would be higher, which is common for longer loans. According to Edmunds data, the rate is averaging about 6.7\% in 2020. For our new car with a loan amount of $33,631, the monthly payment for the 72-month loan would be about $569.
What is the average loan term for a new car?
The average loan term for a new car also hit a record high of 70.6 months in March. The most common term currently is for 72 months, with an 84-month loan not too far behind.
What is the minimum amount for a 36 month car loan?
For example, 36-month new car loans from the lender have a $500 minimum loan amount, while new car loans of 73 to 84 months have a minimum of $20,000. As with most lenders, you’ll need excellent credit to get the lowest rates. LightStream offers a fully online process for its extensive list of vehicle loan options.
What is the difference between a 72 month and 84 month loan?
Both the 72 month auto loan and the 84 month auto loan are long term loans. This means they will likely have higher interest rates than a 60 month auto loan. You should be wary of this and the reality that the car will depreciate in value and the car warranty will expire.