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346 Route 37 East, Toms River, NJ, 08753

What is a Good Interest Rate for a Car Loan?

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Are you trying to determine what is a good interest rate for a car loan in the Brick area? The finance team at Honda of Toms River is here to help. We can provide answers to common questions, including “What is a good car loan rate?” and “What is the average interest rate on a car loan?” From there, we will help you get approved for the financing you need to buy a new Honda or a dependable 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!

New and Used Car APR Rates

Average New Car Loan Annual Percentage Rate Average Used Car Loan Annual Percentage Rate
781-800 3.17% 781-800 3.8%
661-780 4.03% 661-780 5.48%
601-660 6.79% 601-660 10.1%
501-600 10.98% 501-600 16.27%
300-500 13.76% 300-500 19.32%

How to Get the Best Interest Rate on a Car Loan?

When shopping for the best interest rate on a car loan, Manahawkin-area drivers should start by checking their credit score. A high credit score equals a lower interest rate, but you should always be prepared to negotiate if the first offer you receive seems higher than you expected. Honda of Toms River, like most local dealerships, 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 shown 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, there are some viable options that can help you get behind the wheel of the vehicle you want with financing that is right for your budget.

What is the Average Interest Rate on a Car Loan?

The average interest rate for a three-year car loan in the Berkeley area is around 3% to 4.5%. Of course, your credit score and where you are getting the loan will also factor into the interest rate you are offered. The finance specialists at Honda of Toms River recommend that you shop around or get pre-approved to compare the available car loans and interest rates in your area. Being careful and considering what’s right for your budget will pay off in the long run.

Find Solutions to Your Auto Financing Needs at Honda of Toms River

Whether you’re looking to buy or lease, the finance experts at Honda of Toms River are ready to help you find a budget-friendly way to get behind the wheel of your next car, truck, or SUV. Check out our financing FAQs, and use our convenient online payment calculator to determine what your monthly payments will be. If you have any questions or would like more information, please feel free to contact us.

Explore Our Models

  • 2021 Honda Accord Interior

      The comfortable and well-equipped Honda Accord interior makes this sedan an ideal choice to upgrade your Berkeley commute. With seating for up to five and a wide array of convenient features to keep you connected and entertained wherever you drive, it’s no wonder that the new Accord is one of the most popular models…

  • What are the 2022 Honda Civic MPG Ratings?

    Looking to upgrade your Berkeley commute with a stylish and fuel-efficient sedan? Equipped with a Continuously Variable Transmission (M-CVT), the entry-level Honda Civic Sedan LX earns an estimated fuel economy rating of 31 mpg city/40 mpg highway*. Learn more in this overview of the 2022 Honda Civic mpg ratings below, then schedule a test drive…

  • 2021 Honda CR-V Interior

      With its sporty appearance, powerful and efficient performance, and fun-to-drive quality the 2021 Honda CR-V is a great choice for anyone who leads an active lifestyle. Although it is classified as a compact crossover SUV, you’ll find that the Honda CR-V interior is surprisingly spacious, offering plenty of room for you and your passengers…

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Honda of Toms River 39.959258, -74.1726782.