what is a good interest rate for a car for 72 months With that said an interest rate of around 5 for a 72 month auto loan is considered ideal
In the second quarter of 2024 the overall average auto loan interest rate was 6 84 for new cars and 12 01 for used cars Experian also provides average car loan APRs by credit score based For example with a 36 month term you can borrow as little as 500 with a 48 month term 7500 with a 60 month term 10 000 with a 72 month term 15 000 and with an 84 month term
what is a good interest rate for a car for 72 months
what is a good interest rate for a car for 72 months
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If you take out a 35 000 new auto loan for a 72 month term at 4 0 interest then your monthly payment will be 547 58 Although your monthly payments won t change during the term of your loan the amount applied to principal versus interest will vary based on the amortization schedule Best 72 Month Auto Loan Overall AUTOPAY offers a wide variety of auto loan options at affordable interest rates with flexible terms Request a free quote Best 72 Month Auto Loans for Used Cars MyAutoloan has the best rates of any company on our list and is especially favorable to borrowers looking for used car loans Request a free
On average someone with a poor credit score below 670 can typically expect an interest rate around 6 to 20 or higher depending on the lender and the borrower s individual situation Looking at the APR and Other Factors The average auto loan term is about 70 months while the most common is 72 months Consider three big factors before taking out an auto loan Auto Loan Interest Rates Auto loan
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In some cases a 72 month loan is the best way to get a new car or a higher priced used car without a high car payment each month A good example would be a large family who budgets carefully The average car loan interest rate was 3 86 for new cars according to Experian s State of the Auto Finance Market report in the fourth quarter 2021 For used cars the average interest rate was
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