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Car loan rates by credit score If youâre a super prime borrower with a credit score of 781 and above, you can expect to get the lowest rates. In the third quarter, super prime borrowers received a new car loan rate of 2.6 percent on average. But if youâre a deep subprime borrower with a credit score of 500 and below, you can expect to pay around five times more for a new car loan. Deep subprime borrowers received a new car loan rate of 13.53 percent on average.
You know itâs time to for a new vehicle, but thereâs one thing holding you back: your credit. You arenât sure what credit score you need to buy a car. If you absolutely must get another vehicle, you can probably find a way to finance it. The real question is what it will cost you. The better your credit, the better your options, and a big factor will be your credit scores. According to data from Experian Automotive, the difference in interest rates on a new car loan for someone with super prime (excellent) credit versus someone with subprime (very poor) credit is nearly 10 percentage points.