![]() If your credit score is between 601 and 660, this is classed as Nonprime. Car Loan Interest Rates for Nonprime Credit Scores (601 - 660) A score in this range indicates that you’re financially responsible when it comes to managing your credit.Īverage APR rates for someone with a credit score of 661-780 are 5.82% for a new car, or 7.83% if you’re buying a used car. If your rating comes within this range, you shouldn’t have any problems getting a car loan with a lower interest rate. This is where 25% of borrowers sit when it comes to credit rating, the highest proportion across the different credit score ranges. Car Loan Interest Rates for Prime Credit Scores (661 - 780)Ī credit score between 661 and 780 is considered Prime. The current average APR rate for a person with a 781-850 credit score when buying a new car is 4.75% and 5.99 when buying a used car. This means if your score falls within this range, you’ll pay less overall than someone with a lower credit score. People with Super Prime credit scores are likely to be offered the lowest interest rates on a car loan, as lenders will see them as very financially responsible. 850 is the highest possible credit score on the VantageScore and FICO rating systems. If your credit score is between 781 and 850, you’re classed as having Super Prime credit. Car Loan Interest Rates for Super Prime Credit Score (781 - 850) The credit score band interest rates (for new and used cars) are taken from Experian rates, State of the Automotive Finance Market - Q4 2022. Please consult with qualified professionals to discuss your situation. The terms and conditions of any specific product offered by a financial institution will differ and may affect the results of the calculator. This calculator is not intended to offer any tax, legal or financial advice and does not assure the availability of, or your eligibility for, any specific product offered by any financial institution. The calculator presented does not reflect the view of the Issuing Banks. Disclaimer: The figures entered on the input page of this calculator, and the results provided, are for illustrative purposes only.
0 Comments
Leave a Reply. |