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When you apply for a car loan, you want to avoid overpaying. As a result, having a better understanding of interest rates can provide you with better information. So, what is the best car loan interest rate in Peoria? Liberty Buick, Inc. explores this topic for new and used car shoppers around Phoenix. Read on to learn more about how your credit score factors into your interest rate, and how you get the best possible interest rate in Peoria.
| 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% |
So, what is a good interest rate for a car loan? To qualify for the best possible rate, you need to plan. Be sure to review your credit score, as this can have the greatest impact on your interest rate. You should also be prepared to negotiate. Given all this information, what is considered a good car loan interest rate in Peoria?
Based on the chart above, it can range between 3.17% and 13.76%, depending on your credit score. After reviewing this chart, plan the rate you want and always be ready to negotiate. Another important reminder when shopping for the best rate is to be careful of the offer. Don’t simply focus on the payment and ignore the rest of the deal; review every detail carefully.
When looking at a three-year car loan, the average interest rate is around 3% to 4.5%. However, both your credit score and the place you’re seeking your loan from will have an impact. Always compare the car loans and interest rates around Peoria and beyond, or get pre-approved to compare them directly.
Now that you know what’s a good interest rate for a car loan, Liberty Buick, Inc. is here to sort out all things related to car finance around Surprise and Glendale. If you’re wondering how much your monthly payments will be, use our online calculator to determine that before buying. You can always reach out to our finance experts with more questions at (602) 714-3118. We look forward to working with you!
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