What is a Good Interest Rate for Your Car Loan?

Insurance Paperwork

Slice the price of your monthly car payments by learning what is a good finance rate on a car loan and how to negotiate for a better one. Read on to learn about what is the average interest rate on a car loan and more, so you can get the best deal available on a new-to-you car near Minneapolis. Browse our vehicle specials to save even more when you shop for your next car at Cornerstone Plymouth. Below is a credit score car interest rate chart that you can refer to.

Average Credit Score for New Car Annual Percentage Rate Average Credit Score for Used Car Annual Percentage Rate
781-850 3.17% 781-850 3.8%
661-780 4.03% 661-780 5.48%
601-660 6.79% 601-660 10.1%
501-600 10.98% 501-600 16.27%
300-500 13.76% 300-500 19.32%

How Do You Get the Best Interest Rate?

What is a good finance rate, and how can you get one in the Maple Grove area? Check your credit score. Your credit history is the main factor that dealers take into account when they determine what your interest rate will be. Having a higher credit score not only means a lower interest rate, but it also means you will have more negotiating power.

What is a Good Interest Rate on a Car Loan?

What is a good interest rate for a car loan? Based on our credit score car interest chart above, interest rates that fall between 3.17% and 13.76% are “good.”  Use our chart to determine what your interest rate should be based on your credit score, and prepare to negotiate if the dealer offers you a higher interest rate than you expected.

What is the Average Interest Rate on a Car Loan?

A three-year car loan typically has an interest rate of 3% to 4.5%. Shop around Minnetonka to see what local dealers are offering with your credit score. Getting pre-approved for financing at a few different dealers and comparing their interest rate offers is another tactic that smart shoppers use to get what is considered a good finance rate on a car loan.

Apply for Financing at Cornerstone Plymouth

Our finance department is here to help you find the best deal on a car loan in Elk River, MN. If you have a low credit score or no credit and are concerned about the cost of financing, Cornerstone Plymouth is a used car dealer, so you can find most of our cars at a low price point. Apply for financing today and then compare your rates with our credit score car interest rate chart!

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Main 763-559-5300 Sales 763-559-5300
3901 Vinewood Lane
Plymouth, MN 55441
Contact Us

Contact Us

Main 763-559-5300 Sales 763-559-5300
3901 Vinewood Lane
Plymouth, MN 55441
Cornerstone Plymouth 45.0272529, -93.4508119.