Searching for the right car can be a confusing process, and finding the best deal on an auto loan may seem like an impossible task. Here at Rateology, we are determined to ensure that you find the best deal on your next car purchase! Let’s take a look at some of the auto loan deals in Austin, Texas.
Loans With an Excellent Credit Score (730+):
Now, due to your high credit score, you will have access to most, if not all, of the available lenders in Austin. Plus, you will receive the best rates possible. With this score, you can find interest as low as 2% APR!
Loans with a good credit score (680-729):
Similarly to an excellent credit score, you have many options. The rates are slightly higher, so be cautious when selecting your lender. With this score, rates start as low as 3.50% APR.
Loans with an average credit score (600-679):
Now, just because there aren’t as many lenders lending to those in this category does not mean that you will get a bad deal on your loan. Rates are going to be slightly higher than the previous categories, but keep in mind that these rates are still much lower than the national average. You will be able to find rates as low as 3.90% APR, which is about 4% lower than the national average APR for an auto loan.
Loans with a poor credit score (300-600):
If you credit score is bad, don’t worry! There are still many options for receiving loans in your situation. Some lenders in Austin offer rates up to 5% APR lower than the national average to those with poor credit. If you want to improve your credit score, be sure to check out this helpful blog!