What is a Good Interest Rate for a Car Loan?

Like many Queens drivers, you’re likely wondering, “What is a good interest rate for a car loan?” You’ll want to understand the correct interest rate for your vehicle loan and credit score so that you can avoid overpaying for your next car. Take a look at the average new and used car auto loans according to the APR (Annual Percentage Rate) and credit scores. Afterward, our finance center can approve you for financing and get you behind the wheel of your dream car in no time!

New and Used Vehicle APR

Average Credit Score for New Car Annual Percentage Rate Average Credit Score for Used Car Annual Percentage Rate
781-850 3.17% 781-850 3.8%
661-780 4.03% 661-780 5.48%
601-660 6.79% 601-660 10.1%
501-600 10.98% 501-600 16.27%
300-500 13.76% 300-500 19.32%

What is the Average Interest Rate on a Car Loan?

If you’re applying for a three-year auto loan around Brooklyn, you’re also likely asking yourself, “What is the average interest rate on a car loan?” You can expect an average interest rate of 3% to 4.5%. While you may be offered different rates based on where you’re obtaining your auto loan and your credit score, you can easily compare interest rates and auto loans by comparison shopping. By being savvy and understanding the average rates for your area and credit score, you’ll know if you’re getting the best deal!

How Do You Get the Best Interest Rate?

If you’re looking for answers to the question of “What is a good car loan rate near Bronx?” it’s important to remember that you’ll want to get the best rate for your location and current credit score. That sweet spot will represent a good car loan rate for you. There are a few steps you can take to ensure that you’re always getting the best car loan rate possible, such as:

  • You’ll need to plan to get the best interest rate by checking your credit history and taking note of your credit score. A higher score means a lower interest rate.
  • You can and should negotiate your car loan rates. According to your credit score, you can expect credit rates of anywhere from 3.17% and 13.76% based on the above chart.
  • Plan the auto loan rate you’d like if you’re offered a rate higher than you’re desiring.
  • You can receive an auto loan with bad credit, but your rates will be better if you build up your credit in advance with small steps, such as paying off debts.
  • Look at the whole offer without simply focusing on the payment apart from the rest of the deal. Take note of all the details.

Take the Step With Major World

Now that we’ve unpacked the question of “What is a good car loan rate?” and covered the basics of negotiation and what to expect, our finance team is here to guide you through every step of the process. You can even apply for financing online to get behind the wheel of your favorite car at a good rate. Contact us to find more about rates or to start the financing process today!

More from Major World

  • What’s the Difference Between a Coupe & Sedan?

    There are many different coupe and sedan models for sale at Major World that drivers can choose from, but if you’re stuck trying to decide which vehicle model is right for your Bronx commute, then you may be wondering what the difference is between a coupe and sedan. A good rule of thumb is that sedans…

  • Used Chevy Equinox Reviews

    The Chevy Equinox is a reliable family vehicle that has an impressive EPA-Estimated fuel economy and offers excellent cargo room for your Long Island City errands and after-school activities. If you’re in the market for a used Chevy Equinox, then you’re probably looking for reviews on how the Chevy Equinox performs and what sort of interior amenities…

  • Used Dodge Grand Caravan Interior

    The Dodge Grand Caravan is a family-friendly minivan that’s built for your Long Island City errands and your next Queens camping trip. With plenty of interior features to keep you connected and entertained, as well as enough cargo space for all your equipment, the used Dodge Grand Caravan interior is built to meet your every need. Learn…

Saved Vehicles


You don't have any saved vehicles!

Look for this link on your favorites:


Once you've saved some vehicles, you can view them here at any time.

Contact Us

(866) 614-2884

Call Now

43-40 Northern Blvd • Long Island City, NY 11101

Get Directions

Today's Hours:

Open Today! Sales: 9am-9pm

Service: Closed

Parts: Closed

Major World 40.7531179, -73.918293.