What Is a Good Rate for a Car Loan?
If you're looking for great interest rates on Ford trucks, SUVs and EVs, look no further than All American Ford in Point Pleasant. Our inventory is full of reliable and powerful vehicles designed to make every journey a joy. Plus, with our competitive interest rates and flexible financing options, it's easy to drive away in a new Ford with confidence.
We offer competitive rates for both new and pre-owned cars so that our customers can find the perfect vehicle at the perfect rate. Whether it's an F-150 truck or an all-electric Mustang Mach-E SUV, our Ford dealer near Lakewood is here to help you secure the best possible rate on your dream vehicle.
What Is a Good APR?
The Annual Percentage Rate (APR) on a loan is determined by taking into account the interest rate, associated fees, down payment and loan term. If you have a large down payment, the lender will be taking less risk and may offer you a lower APR. The length of the loan can also influence your APR with longer-term loans having higher APRs than shorter-term ones. Monthly payments are affected by the APR as higher rates mean higher payments.
01
Is 3% a good car interest rate?
Yes! Applicants who have good credit and are able to choose a shorter loan term may be eligible for an interest rate of between 3% and 4.5%. This is a beneficial rate for car loan borrowers, allowing them to pay more toward the principal payment sooner.
02
Is It Better to Finance Through a Dealer or a Bank?
When weighing your options for auto financing between a local Ford dealer, bank or credit union, it's recommended to consider the interest rate and loan term that each offers. This will help you determine which one will provide the best financing plan for your desired F-150 truck or used Explorer for sale near Lakewood.
03
What Is a Subprime Loan?
Subprime loans are an option for buyers who have no credit or bad credit. This type of loan is typically seen as riskier, so the interest rate is usually higher than other types of loans. If you would like to find out more about subprime loans and whether you qualify, it is best to talk to our Ford finance team.