Uncover Game-Changing Auto Financing Secrets for All Budgets

Interest Rates and Credit Scores

Your credit score plays a significant role in determining the interest rate you will receive on an auto loan. A higher credit score typically results in a lower interest rate, which can save you thousands of dollars over the life of the loan. According to Experian, the average interest rate for a new car loan was 4.21% in 2023 for borrowers with excellent credit, while those with poor credit faced rates as high as 13.97%¹.