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Here are five ways to get the best auto loan rates as a first-time car buyer. Build Your Credit Score. The better your credit score, the better your interest rate. Super prime credit is between ...
Credit score. Average interest rate for new car loans. Average interest rate for used car loans. 781 to 850. 5.61%. 7.43%. 661 to 780. 6.88%. 9.33%. 601 to 660
Read about your car loan options, see how credit unions work, and learn why car loans from a credit union are a good option to buy a used or new car.
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. [2]
Knowing your credit score and the average rates to expect and applying for preapproval are just a few of the many ways you can secure a budget-friendly car loan. 1. Know your credit score
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