The higher your credit score, the better rate you’ll receive on an auto loan. Borrowers with good credit can expect to receive an APR around 5.59% or lower for used car loans and 3.69% or lower for new cars. It’s possible to get 0% financing from auto manufacturers, but 0% APRs are typically reserved for those with excellent credit (740+) and may only be available on certain makes and models.

Car loans for bad credit

Whether you’re just starting out and have no credit history, or have simply made some credit mistakes along the way, it’s still possible to get an auto loan. Many lenders provide car loans for bad credit. If you’d like to improve your chances of being approved or possibly get a lower rate now, consider adding a cosigner, making a large down payment or both.