What is an average interest rate on a car loan for someone with a credit score of 745?
My credit score last I looked was close to 750. I'm about to pay off a couple of loans I have in the next few months so that should bump it up a little more I'm hoping. I'm interested in purchasing a new vehicle. Vehicle price is about 21K and I plan on putting 10K down. I'm looking at financing anywhere from 3-4 years. Can anyone tell me an average rate someone with my credit score putting that amount down should expect in an interest rate. Thanks
Public Comments
- Credit unions and banks will normally charge a minimum rate. As of today, it is in the low 5% range. If you finance directly from the manufacturer, then you are likely eligible for their best rate. Many manufacturers currently offer 0% APR to those with at least a 720, 740 or 760 credit score. The luxury brands may require a 760 for the best rates. Just make sure that you understand the difference between the credit score you purchase online and the one that the lenders actually look at. They are not the same score because they rely on different formulas.
- Depending on the brand of vehicle you are going to buy, your rate could be anywhere from 0% to 6%. Most manufacturers are offering 0% right now.
