Experienced consumers understand that the average auto loan rate is determined by multiple factors including the current economic environment and the federal funds rate established by the Federal Reserve.
They also know that their own personal credit score will have a big impact on any rate they receive. Car shoppers with high credit ratings can command a lower interest rate (APR), while those with lower scores can expect a higher APR.
To get a better idea of current average auto loan rates from different credit score groups, take a look at the following data provided by the Fair Isaac Corporation.
It is important to note, that in addition to one’s credit score, the APR received with a loan approval will vary dependent on other specifics. These include the length of the loan, the applicants debt-to-income ratio, model year of the vehicle being purchased and whether they are applying by themselves or with someone else.
Wherever you may be in the credit spectrum, you can apply for financing at AppCoreMN.com. Use our auto loan calculator to work out what works best for you and complete our quick online application.
If you were approved for an auto loan more than one year ago and your credit has changed for the better you may now qualify for a lower interest rate! AppCore may be able to help you refinance your current auto loan to lower your interest rate or lower your payments. Apply for a refinance with us today!