What Is A Good Interest Rate On A Used Car?

Tiny car with coins and finance paperwork
 

In Scranton, sometimes a used car might be your best bet, but what’s a good interest rate on a used car? When getting a used car loan from our financing or from your local bank, you’re going to want to keep your interest rate in mind because that dictates how much you pay per month and how much interest accrues over the life of the loan. Let Bennett INFINITI of Wilkes-Barre demystify the used car loan process and point you toward our great selection of used cars.

 

Used Car Loan: Good Interest Rate

The first thing you’re going to want to do before coming in and getting your credit looked at is to look at it yourself. You are entitled to one credit report from the three major credit bureaus—TransUnion, Equifax, and Experian—each year at no cost to you and with these credit reports, you’ll be able to ascertain the health of your credit. Here’s a breakdown of what interest rates you can expect based on your credit score:

Credit Score

Interest Rate
750+

5.03%
700-749

5.26%
600-699

7.36%
451-599

19.02%
450 or lower

N/A

In the process of considering a used car loan, there are a few components to the loan that you should become familiar with. They are broken down as follows:

  • Principal. This is the amount you owe before interest on your Dunmore used car loan. You can pay down both principal and interest while tackling your car loan.
  • Interest rate. This is the rate at which your owed principal appreciates in value. A higher interest rate will lead to you owing more over time, while a lower interest rate leads to lower additional owed money over time.
  • Term of the loan. You can get a used car loan with a good interest rate as it comes in many different month arrangements, like 36, 48, and 60 months. A shorter loan will give you higher monthly payments but a lower overall interest, with the inverse happening for a longer term loan.

Obtain a Used Car Loan With a Good Interest Rate at Bennett INFINITI of Wilkes-Barre

Whether you’re in Scranton or Hazleton, you can trust the reliable people at Bennett INFINITI of Wilkes-Barre to help you with the money side of finding a good interest rate used car that’s right for you. We’ve got pre-owned vehicle specials that will make things all the more enticing and sales professionals who want to get to know you and point you in the right direction when it comes to your next car. Just contact us to learn more.

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1060 Highway 315 • Wilkes-Barre, PA 18702

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Bennett INFINITI of Wilkes-Barre 40.5731, -75.48009.