what is a good interest rate for a used car for 72 months Overall Rating 1 MyAutoloan 5 20 for 72 month auto loans Best Low Rate Option 9 2 2 Autopay 4 67 Most Well Rounded 9 1 3 Consumers Credit Union 6 39 for 72 month loans
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 In the fourth quarter of 2023 the overall average auto loan interest rate was 7 18 for new cars and 11 93 for used cars Experian also provides average car loan APRs by credit score based
what is a good interest rate for a used car for 72 months
what is a good interest rate for a used car for 72 months
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The same loan 30 000 at 6 paid back over 72 months would cost 5 797 in interest Even small changes in your rate can impact how much total interest amount you pay overall The total interest Low minimum APR of 1 99 percent Loan amounts range from 2 500 to 100 000 No minimum credit score required AUTOPAY is one of the best online lenders that specialize in connecting borrowers with auto loans allowing you to shop for multiple lenders at once
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 Improve Your Chances for a Better APR There are several things you can do to improve your chances of a lower APR The Experian study mentioned above found that the most creditworthy borrowers paid an average interest rate of 4 29 on a used car loan while the least creditworthy paid an average
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Used APR Range 6 49 17 99 Used Loan Amounts 500 150 000 Minimum Recommended Credit Score Not disclosed Apply Now Pros Cons Full suite of auto loan types available Allows The average interest rate for a 48 month used car loan in January 2023 hovered around 6 8 These averages fluctuate based on the state of the economy and numerous other factors
1 You May End Up Underwater On Your Loan Cars depreciate in value over time Depending on your initial loan amount interest rate and how quickly and much your car depreciates the amount you still owe on a 72 month auto loan might come to exceed the car s resale value With that said an interest rate of around 5 for a 72 month auto loan is considered ideal
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what is a good interest rate for a used car for 72 months - The Experian study mentioned above found that the most creditworthy borrowers paid an average interest rate of 4 29 on a used car loan while the least creditworthy paid an average