What Is a Low Auto Loan Interest Rate?

Learn More About WhatInterest Rates Mean For You!

Couple looking up interest rates

Securing a low interest rate on an auto loan can make a tremendous difference in helping you achieve considerable savings. Car loan interest rates can range quite a bit based on factors such as the buyer’s credit history, but obtaining a lower rate can reduce your monthly payments.

The Pete Moore Chevrolet finance team is dedicated to helping customers find tailored financial solutions and providing an exceptional selection of new trucks, used SUVs and everything in between at our Chevrolet dealership near Navarre.

Car dealer showing auto loan

Is it a Good Idea to Go to a Car Dealer for a Loan?

Securing an auto loan from a dealership is often the best route, as it not only provides the convenience of shopping and buying all in one place, but it also gives you the opportunity to take advantage of exclusive Chevy financing specials.

It’s still a good idea to compare rates offered at banks and credit unions, but oftentimes you will get the most competitive interest rate from a dealership that’s offering unique incentives. Apply for financing to see what rate you could qualify for an ask our team about current Chevy specials.

What Is a Good APR for a Chevrolet?

APR (Annual Percentage Rate) signifies the annual cost of borrowing money through an auto loan, including fees and charges that lenders apply together with interest. Determining what constitutes an appropriate APR for purchasing a new Chevrolet plays a crucial role in evaluating different loan terms and conditions.

A car loan’s APR varies based on individual factors like credit score, duration of the loan, and unique circumstances that affect borrowers. Attaining competitive APR often means you pay less for your purchase over time.

couple inspecting a car
Chevy Blazer

What Is the Chevy Interest Rate on a Car Loan?

The minimum credit score required for approval depends upon various stipulations of each specific loan as well as individual circumstances surrounding each borrower. Applicants with exceptional credit scores are usually eligible for favorable repayment terms or lower interest rates. Those with less desirable credit ratings may still qualify for loans but at less favorable interest rates.

In instances where borrowers have little established credit history or possess low credit scores, some lenders might be willing to approve loans under less favorable terms. Consulting with auto financing experts from our Chevrolet finance center can provide a deeper understanding of your distinctive situation and outline progressive steps toward auto financing.

Contact Pete Moore Chevrolet to learn more about APR, Chevy financing and other pertinent details in the car-buying process. We’ll help you save on your new Silverado price or Equinox lease and show you how to navigate auto loan comparisons and more.