You can get a car with a bad credit score, but it could cost $10,000 more [USA TODAY]
NerdWallet, Inc. (NRDS)
Company Research
Source: USA TODAY
Your credit score largely determines how much interest you pay on a car loan. And interest rates are running high. The average new car loan was $40,366 in 2023. But the total cost of the loan can range from $46,419 to $57,339, depending on the interest rate, according to by the personal finance site MarketWatch Guides. The average used car loan was $26,685. Factor in the interest, though, and the total cost of that loan ranges from $32,205 to $43,812. Interest rates on car loans are as high as they've been in years. The on a new car ranges from 5.4%, for those with the highest credit scores, to 15.6%, for those with the weakest credit, according to Experian. For used cars, the average interest rate ranges from 6.8% to a whopping 21.6%, depending on your credit score. What is a good credit score for a car loan? Even a consumer with poor credit can get a car loan. But the loan will probably come with a sky-high interest rate, dramatically increasing the full cost of the car.
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