Is 4.99% a good car loan rate? (2024)

Table of Contents
Join 4M+ members in lowering their car insurance What Is a Good APR for a Car Loan? The Pros and Cons of Financing a Car The Subprime Tax: $8k-$12k More for a $26k Auto Loan How To Build a Custom Volkswagen Beetle 2019 Toyota Corolla Gas Tank Size Wisconsin Motorcycle Helmet Laws Easiest way to compare and buy car insurance

I was applying for new car loans and the best rate I found was 4.99%. I have a 750 credit score, no debt, and a steady income of $5,000 a month. The car I want to buy is $25,000. Is 4.99% a good APR?

Is 4.99% a good car loan rate? (7)

Eric Schad · Updated on

Reviewed by Shannon Martin, Licensed Insurance Agent.

Shopping around for a

car loan

is a brilliant idea! As far as a 4.99% rate, it might be a good deal, but the rate depends on several factors.

When a lender reviews your application, they analyze a few important factors:

  • Credit score

  • Your income

  • Debt-to-income ratio

  • Loan term and amount of the loan

Since you have no debt, good credit, and steady income, you’re already a solid applicant. You should have your choice of lenders willing to work with you.

As of November 2021, the average new car loan rate for someone with your profile is 3.48%. To that effect, a 4.99% interest rate is a bit on the high side. So, keep shopping around, and you should find something better.

And since you’re financing a new car, don’t forget that lenders require full coverage car insurance. But just like your car loan rate, you can avoid overpaying by shopping around.

View full answer

Is 4.99% a good car loan rate? (8)

Is 4.99% a good car loan rate? (9)Is 4.99% a good car loan rate? (10)

“My experience with Jerry has been absolutely incredible. It took my car insurance from about $400/month to about $80. The entire experience is seamless.”

- Gregory R.

WHY YOU CAN TRUST JERRY

Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

Join 4M+ members in lowering their car insurance

You Might Also Be Interested

Easiest way to compare and buy car insurance

Is 4.99% a good car loan rate? (26)

No long forms

Is 4.99% a good car loan rate? (27)

No spam or unwanted phone calls

Is 4.99% a good car loan rate? (28)

Quotes from top insurance companies

Find insurance savings

Is 4.99% a good car loan rate? (2024)
Top Articles
Hiring A Financial Planner: How To Separate The Pros From The Con Artists
How To Get An LLC Loan
Craigslist Cedar Rapids Ia
Myhrexpress Schedule
Latest Posts
Westlake, TX Real Estate & Homes for Sale | realtor.com®
Low-Tax States for 'Middle-Class' Families
Article information

Author: Aron Pacocha

Last Updated:

Views: 6386

Rating: 4.8 / 5 (48 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Aron Pacocha

Birthday: 1999-08-12

Address: 3808 Moen Corner, Gorczanyport, FL 67364-2074

Phone: +393457723392

Job: Retail Consultant

Hobby: Jewelry making, Cooking, Gaming, Reading, Juggling, Cabaret, Origami

Introduction: My name is Aron Pacocha, I am a happy, tasty, innocent, proud, talented, courageous, magnificent person who loves writing and wants to share my knowledge and understanding with you.