To help you understand the right interest rate per car loan, while also helping you to not overpay, we’ve crafted a simple chart to break down how to get the best interest rate on a car loan. We’ll help you learn about average new and used car loans based on the APR, and your credit score. Once you have all the info you need, you can get approved for financing from the comfort of your home!
| Average Credit Score for New Car | Annual Percentage Rate | Average Credit Score for Used Car | Annual Percentage Rate |
| 781-850 | 3.17% | 781-850 | 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% |
To help secure the best interest rate possible, you’re going to want to plan ahead. Start by looking through your credit history, making sure to note the score. A higher score will translate to a lower interest rate. It helps to also be ready for potential negotiations. So if you’re wondering what a good interest rate is, the chart above shows it can be anywhere between 3.17% and 13.76%, depending on your credit score.
Once you’ve got the info you need, prepare for negotiations in case they offer an interest rate higher than what you anticipated. Also, take extra care to note every aspect of the offer. Don’t focus solely on the payment and ignore the other little details. Make sure you closely examine every factor going into the offer.
If you have a three-year car loan, the average Orangeville interest rate comes in at around 3% to 4.5%. Remember, don’t focus too much on what the averages may be and instead make sure you’re getting the best offer for your situation. Your offer will probably be different than the average since it’s based on your credit score and where you’re trying to secure the loan. At the end of the day, the best way to compare car loan offers and different interest rates is by shopping around at several locations, or by getting pre-approved and comparing those offers.
Our expert finance center is prepared to help guide you through the pre-approval process and get your inside of your new Mercedes-Benz in Brampton today! If you have any questions, or you simply want to start comparing interest rates, don’t hesitate to contact us today! While you’re here, be sure to check out our guide on car lease takeovers!
Other Articles That May Interest You
Your Guide to the All-New 2026 Mercedes-Benz CLA
The 2026 Mercedes-Benz CLA Sedan ushers in a new era for the three-pointed star. Far more than just a refresh, this all-electric compact sedan is a complete reinvention—technologically advanced, beautifully designed, and tailored for the electric age. As the first member of a next-generation EV family, the CLA merges innovation and efficiency into one sleek package. Here's everything you need...
Comparing the 2025 Mercedes-Benz GLE PHEV to the GLE 450: Which One is Right for You?
The 2025 Mercedes-Benz GLE lineup delivers a balance of refinement, luxury, and performance that continues to set the standard in the midsize luxury SUV segment. For the new model year, buyers have more choices than ever, including two distinct takes on the GLE experience: the GLE 450 4MATIC with its powerful inline-six mild hybrid engine, and the plug-in hybrid GLE 450e 4MATIC, which adds...
The 10 Most Iconic Mercedes-Benz Models of All Time
Few automakers have shaped the global automotive landscape like Mercedes-Benz. As one of the most storied and respected manufacturers in history, the brand has long been synonymous with innovation, performance, luxury, and cutting-edge technology. Over more than a century, Mercedes-Benz has created a portfolio filled with legendary vehicles that not only influenced the industry but became...
