If you’re shopping for a car in the Denver area, you have no doubt asked yourself questions such as:
The finance team at Planet Honda is here to answer these questions and help you get approved for the financing you need to buy a new Honda or a high-quality used car. Learn more about car loans based on credit scores and the Annual Percentage Rate (APR), and then apply for financing with us online to get pre-approved today!
The table below shows you what the average interest rate on a car loan is, whether you plan to buy a new or used car in the Lakewood area.
|Average Credit Score for New Car||Annual Percentage Rate||Average Credit Score for Used Car||Annual Percentage Rate|
When shopping for the best interest rate on a car loan, the first thing you should do is check your credit score. The higher your credit score is, the lower your interest rate will be. When applying for a loan, you should always be prepared to negotiate if the first offer you receive seems higher than you expected. At Planet Honda, we work with a variety of lenders, so the initial offer won’t be the only one available.
What is a good car loan rate? As you can see in the chart above, it could be anywhere between 3.17% and 13.76%, depending on your credit score. If you have no credit or a bad credit rating, our financing specialists can provide you with options to help you get behind the wheel of the vehicle you want with financing that is right for your budget.
A three-year car loan will have an average interest rate of around 3% to 4.5%. Your credit score and where you are getting the loan will factor into the interest rate you are offered. The finance experts at Planet Honda recommend that you shop around or get pre-approved to compare car loans and interest rates available in the Arvada area. You need to be careful when considering what’s right for your budget.
Whether you’re looking into guaranteed car financing or used car leasing, the finance professionals at Planet Honda can help. In the meantime, use our convenient online payment calculator to find out what your monthly payments will be. If you have any questions or would like more information, please feel free to contact us.
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