If you’ve ever taken out a loan, you know that the interest rate is one of the most important factors to consider while comparing offers. And, if you’re getting ready to buy a new or pre-owned Mercedes-Benz, you’ve almost certainly wondered, “What is a good interest rate on a car loan? Fortunately, it’s easy to beat the average when you study up with Mercedes-Benz of North Scottsdale.
What is a good car loan rate? To answer this question, it’s essential to take a look at the average amount paid by drivers near Mesa and Fountain Hills.
So, what is a good interest rate for a car loan? If you have “Prime” (above 660) or “SuperPrime” (above 780) credit, your annual percentage rate should fall between 3% and 4%. Most drivers secure these rates by choosing three-year loan terms. If you select a longer term, you might get a lower interest rate, but you will still probably end up paying more over time.
Want to make sure that you’re getting the interest rate that you deserve? Even if your credit isn’t perfect, you can take the following steps to beat the average:
Lastly, we want to point out that it often pays to negotiate. If you think you should be getting a better interest rate, try to apply at other locations and see if you can get lenders to compete for your business. The same goes if you’re considering a refinancing plan. Do a little shopping around to make sure you’re not paying more than you have to!
Still doing research? Compare buying vs. leasing to save even more, or explore options like GAP insurance with our finance department. If you want to sit down with an expert on our financing team and learn more about what is a good car loan rate for our drivers, come visit us in Phoenix today!
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