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For first-time car buyers, one of the most daunting parts of negotiating a good deal right now is interest rates.The average auto loan rate for someone with excellent credit is 5.25%, according to ...
The combination of these two factors led to auto buyers paying an average interest rate of 7.4% for new vehicles in Q3 of 2023 (up three percentage points since Q2) while the rate for used ...
A good auto loan rate is generally any rate below the average for your credit profile. For drivers with excellent credit, the average rates are 5.07 percent for new cars and 7.09 percent for used ...
Factors that determine car loan interest rates. ... According to Experian data, the average rate for someone with excellent credit buying a new car was 5.61 percent in 2023. People with bad credit ...
The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate". [citation needed] These markups have been the focus of some regulatory scrutiny because they can cause variations in interest rates that are not correlated with credit risk. [3] Roughly half of new cars in the U.S. are financed by ...
If you're buying a car, learn how to get the best car loan, review where you can get an auto loan, and discover what a good interest rate looks like in 2022.