What is a average percentage rate for a car loan?

[Mariann]

What is a average percentage rate for a car loan?

[sassy25682]

There is no average. The rate charged is based on your personal credit history. Applicant A with a score of 825 is charged 4%. Applicant B with a score of 700 is charged 6.5%
All others can be charged 10 to 29%

[MIA904]

Technically there is no average. Its based on the average of 3 credit scores. The higher the average the lower the rate.

TIP: if you are planning to buy a car, try getting your credit report and scores before you go to the dealership so that you know whats your credit score and what rates you qualify for. Some dealerships like tricking people into thinking they have bad credit so that they can maximize their profits.

[HisMajesty229]

It all depends on your credit score and how much money you put down on the car you are financing . If your credit is below 700 expect to pay 9-11 percent finance charges if your credit score is above 725 you can expect to pay 4-8 percent finance charges . . Remember cash talks BS walks . The more money you have to put down the more negotiating power you have . Good Luck my credit score was at 625 and I was paying 10.5 % finance charge yikes but fortunately I have a good paying job I'm able to pay in advance

[SPIFIMAN1564871]

Auto finance is what I do for a living and there is no such thing as a average interest rate.

There are at least 10 different things that go into making up a car deal and every one of them can affect the customers rate.

Depending on how the deal is structured they can go anywhere from 0% to as high as 21% in the State of Oklahoma.

And just so you will know, looking at your credit scores before you go to the dealer is a waste of time because the type of bureau that dealers and auto lenders look at is called a "Auto enhanced" and is not available to the public.