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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
When you refinance a car loan, the bank will run a hard credit inquiry. This action will reduce your credit score by a few points, but that's not the only factor in play here.
You can still refinance an auto loan with bad credit, but getting a good rate can be difficult. Borrowers with low credit scores generally pay much higher interest rates.
Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car.
Pressing the restart button on your auto loan by refinancing is not without its risks. Consider these disadvantages. High interest rates. Refinancing also comes with the risk of higher interest rates.
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