What is a good interest rate for a 72 month car loan?
Loan term Average interest rate
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36-month new car loan 3.67% APR
48-month new car loan 3.74% APR
60-month new car loan 3.81% APR
72-month new car loan 3.96% APR
Is a 72 month car loan bad?
Generally, yes, a 72 month car loan is bad. When you get a 72 month car loan, you're more likely to go upside down on your car loan, which leaves you in a vulnerable financial position. Avoid getting a 72 month car loan if you can. This might mean getting a cheaper car than you hoped for.22 Nov 2021
Is it smart to do a 72 month car loan?
A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you're probably going to pay more than you bargained for.
What is an acceptable interest rate for car loan?
Credit score Average APR, new car Average APR, used car
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Prime: 661-780 3.64%. 5.35%.
Nonprime: 601-660 6.32%. 9.77%.
Subprime: 501-600 9.92%. 15.91%.
Deep subprime: 300-500 12.99%. 19.85%.
What are the pros and cons of a 72 month auto loan?
- Pro: Getting lower monthly payments.
- Pro: Achieving greater financial flexibility.
- Con: Paying additional interest.
- Con: Having negative equity or being “upside down” in the car loan.
- Con: Buying more car than you can afford.
Is 2.9 a good rate for car?
According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.10 Jun 2020
What is a good APR rate for a car?
Credit score range Average interest rate
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300 to 500 14.59%
501 to 600 11.03%
601 to 660 6.61%
661 and 780 3.48%
What is a bad APR for a used car?
Credit Tier (Credit Score) Average New Car Loan Interest Rate Average Used Car Loan Interest Rate
-------------------------- ---------------------------------- -----------------------------------
Prime (661-780) 3.64% 5.35%
Nonprime (601-660) 6.32% 9.77%
Subprime (501-600) 9.92% 15.91%
Deep subprime (300-500) 12.99% 19.85%
What is a good APR for a car loan?
As of January 2020, U.S. News reports the following statistics for average auto loan rates: Excellent (750 - 850): 4.93 percent for new, 5.18 percent for used, 4.36 percent for refinancing. Good (700 - 749): 5.06 percent for new, 5.31 percent for used, 5.06 percent for refinancing.9 Mar 2020