What is a Good Interest Rate for Your Car Loan?

When you're buying a new car in Macon you want to be sure you're not paying too much. In addition to shopping for your next car at Five Star Lincoln, you can keep the savings coming with a good interest rate on your auto loan. What is a good interest rate for a car loan? That can depend on your credit score. Find out more about what a good car loan rate is, what the average interest rate on a car loan is, and more with the Five Star Lincoln finance department.

How Do You Get the Best Interest Rate?

In order to get the best interest rate in Dublin or Macon, the first thing you'll want to do is plan ahead. Check your credit history and note the score. The higher the credit score, the lower your interest rate will be. You'll also want to be ready to negotiate. So what is a good car loan rate? Based on the chart above, it could be anywhere between 3.17% and 13.76% depending on your credit score. 

After looking at this chart, plan the rate you want and be prepared to negotiate if they offer you something higher than you expected. Another thing to be careful of is the offer. You don't only want to focus on the payment and ignore the rest of the deal. Pay close attention to the details. 

What is the Average Interest Rate on a Car Loan?

On a three-year car loan, the average interest rate is around 3% to 4.5%. But you may be offered differently based on your credit score as well as where you're getting the loan. In the end, the easiest way to compare your car loans and interest rates is to shop around or get pre-approved and compare that way.

Save on Your Next Vehicle at Five Star Lincoln

When you shop at Five Star Lincoln for a new or pre-owned vehicle, knowing what is a good interest rate for a car loan and applying for financing with us is just one way you can save money. In addition to our excellent prices, use our new vehicle specials to keep your savings coming. If you have any questions about what a good car loan rate is, contact us and one of our financial professionals will be happy to answer your questions.