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If you are ready to drive a new vehicle around Indianapolis and Frankfort, it is normal to have questions about financing. So, what is a good interest rate for your car loan? Whether you are curious about new car interest rates or those for pre-owned vehicles, our finance experts are here to assist you. Learn about vehicle interest rates with Lafayette Cadillac, and then contact us with any questions. Our dealership in Lafayette offers a diverse inventory, and we are happy to schedule your test drive at any time.
| Credit Score | Annual Percentage Rate For A New Car | Annual Percentage Rate For A Pre-Owned Car |
|---|---|---|
| 781-850 | 4.77% | 7.67% |
| 661-780 | 6.40% | 9.95% |
| 601-660 | 9.59% | 14.46% |
| 501-600 | 13.08% | 19.38% |
| 300-500 | 15.75% | 21.81% |
To get the best interest rate, the first thing you’ll want to do is plan. 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? There’s no singular answer for Delphi drivers. Based on the chart above, there are multiple ranges for new and pre-owned cars that are based largely on credit scores. After looking at the chart, plan the rate you want and be prepared to negotiate if they offer you something higher than you expected. Also, be careful of the offer. You don’t want to focus only on the payment and ignore the rest of the deal. Pay close attention to the details.
The average auto loan interest rate for new cars is about 6.6%, while pre-owned cars have an average rate of around 10.8%. But you may receive a different offer based on your credit score, as well as where you’re getting the loan. Additionally, changes in international trade may affect prices, rates, and availability for new and pre-owned vehicles, making it more difficult to pin down APRs. 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.
Now that you know about typical pre-owned and new car interest rates, are you ready to schedule a test drive at our dealership in Lafayette? Call (765) 340-7206 or contact us online today. If you have any questions for our finance team, please let us know. We are here to assist you throughout your buying journey. Our staff also invites you to browse our new and pre-owned vehicle specials.
