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What is the average interest rate on a car loan?

The average interest rate for auto loans on new cars is 9.60%. The average interest rate on loans for used cars is 14.12%. What credit score is needed to buy a car in 2023? Most traditional auto lenders look for borrowers whose credit score is in the prime range or above (661 to 850 credit score).

Can a 650 credit score get a car loan?

A fair credit score of 650 is generally sufficient for getting a new or used car loan. Consumers with a 650 credit score are classified as near prime or nonprime. You might not qualify for the best annual percentage rates (APRs) with a 650 credit score, but you may qualify for auto loan refinancing.

What is the interest rate on a car loan with a 750 credit score?

The average interest rate on a new car loan with a credit score of 750 is 7.01%, while the average interest rate on a used car loan is 9.73%. What kind of interest rate can I get on a car loan with a 650 credit score?

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