Average Car Loan Interest Rate by Credit Score

Wed, 06 May 2026 17:13:45 +0000

**Why Your Credit Score Still Influences Car Loan Rates—And How Much It Actually Matters** Curious about why your credit score continues to shape the average car loan interest rate in 2024? Even in a digital age where financial transparency is valued, credit scoring remains a silent driver of borrowing costs. Whether you’re planning a first-time vehicle purchase or evaluating long-term financing options, understanding how credit score impacts interest rates can make a meaningful difference in your monthly payments—and total loan cost. The average car loan interest rate varies noticeably based on creditworthiness, and this disparity reflects growing awareness of risk among lenders. Recent data shows borrowers with excellent credit scores, typically 760+ FICO, secure rates over 10% lower than those with average or below-average scores. As economic conditions remain fluid, creditworthiness has become a top priority for financing providers, especially amid rising interest rate volatility. ### How Average Car Loan Interest Rate by Credit Score Actually Works