Who Has the Best Car Loan Rates?

It’s not so much a matter of who has the best car loan rates. Rather, finding the best rate is a question of what your credit score is, what the current average interest rate for car loans is, and how you’ve gone about leveraging for the best interest rate possible. If you’re wondering who has the best car loan rates in , take a moment to learn about what a good car loan interest rate is and how to obtain the best interest rate you can. Then, contact a Five Star Automotive Group dealership near you to get in touch with a transparent and knowledgeable auto loan finance expert who can provide you with a consultation. 

What is the Current Interest Rate for Car Loans? 

In 2024, the average car loan interest rate for a new car is 7.1% and 11.6% for a used car. So, what is a good car loan rate? Anything below 7.1% is good. Take a moment to learn about how interest rates are currently correlating with credit scores to get an idea of which interest rate you’re likely to qualify for: 

• Excellent credit: 850 – 781 = 5.64% interest rate
• Average credit: 661 – 780 = 7.01% interest rate
• Sub-par credit: 660 and below = 9.6% – 12.3% interest rate

You know what a good car loan rate is given your credit score. Now, take a moment to learn about how to determine who has the best car loan rates in greater and how to obtain a loan that’s custom-fitted to your budget! 

How to Get a Car Loan 

So, who has the best car loan rates in greater ? You’ll find that most initial loan offers reflect what the current interest rates for car loans are in the country. To get the best loan, we recommend applying to multiple lenders and, then, using the lowest offer you get as leverage to barter for the lowest rate possible. We also recommend cleaning up your credit score and offering up the largest down payment you can. When you apply for your loan, make sure to bring the following documents with you: 

• Proof of income
• Proof of assets
• Driver’s license and Social Security number
• Employment verification

Speak with a Five Star Automotive Group Financial Specials

At Five Star Automotive Group, we have dealerships throughout Alabama, Tennessee, Georgia, South Carolina, Indiana, and Ohio, so we’re likely close by. Any of our dealerships have access to national lenders and can help you bargain for the best possible rate on your next car loan. They’ll also make sure you take every possible opportunity to save. While you’re here, take a moment to learn about the lifetime powertrain warranty we offer with every new vehicle we sell, as well as the limited powertrain warranty we offer with every used vehicle we sell!