Statistics About The Average Car Loan Interest Rate For 730 Credit Score • Gitnux (2024)

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What is the average interest rate on a car loan with a 730 credit score? ›

Most used auto loans go to borrowers with minimum credit scores of at least 675. For new auto loans, most borrowers have scores of around 730. The minimum credit score needed for a new car may be around 600, but those with excellent credit often get lower rates and lower monthly payments.

If your credit score is 730, you are right in the middle. According to Experian, the average American consumer has a FICO Score of 714 as of 2021, and anything in the range of 670 to 739 is generally considered to be a good credit score.

You can borrow $50,000 - $100,000+ with a 730 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

To reach an 800 credit score, you'll want to demonstrate on-time bill payments, have a healthy mix of credit (meaning accounts other than just credit cards), use a small percentage of your available credit, and limit new credit inquiries.

People with excellent credit qualified for rates around 5.38 percent, while people with bad credit had an average new car rate of 15.62 percent. Rates for used cars were higher — 11.91 percent across credit scores. And the average rate for bad credit was a sky-high 21.57 percent.

Who has the lowest interest rates for auto loans? ›

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.

The “prime range” runs from 661 through 780. If your credit score is anywhere between 700 to 709, you are in the middle of this segment, and you can get competitive rates to finance your vehicle. However, these depend on your shopping habits, income, and debt-to-income ratio.

A score of 750 puts you in a strong position. Roughly 48% of Americans had a score of 750 or above as of April 2023, according to credit scoring company FICO.

You can borrow $50,000 - $100,000+ with a 730 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

Usually, higher scores mean lower interest rates on loans. A target credit score of 661 or above should get you a new-car loan with an annual percentage rate of around 6.89% or better, or a used-car loan around 9.04% or lower. Superprime: 781-850. 5.38%.

Average Auto Loan Interest Rates. The average auto loan interest rates across all credit profiles range from 5.64% to 14.78% for new cars and 7.66% to 21.55% for used cars.

If you take out a $35,000 new auto loan for a 72-month term at 4.0% interest, then your monthly payment will be $547.58. Although your monthly payments won't change during the term of your loan, the amount applied to principal versus interest will vary based on the amortization schedule.