What APR can I expect with an 800 fico?

[ando35]

I thought I could get 1%-2% but all of these credit unions (DCU, FED) list their lowest apr at 3%.

What apr can you expect for an 800 score?

[OmarR]

New or Used car?

[Anonymous]

Rates are related to the bank borrowing rate (the rates bank "buy" money to lend to you). The current bank borrowing rate is 2.25%

Banks add their profit and that's how you get your rate.

Back in 2017 when it was 1% then yeah you get get killer loans.

Sure there are still places advertising lower rates but they already baked the profit into the price of the car. When you go to an outside lender like a credit union you are getting the real rate. The plus side is you should be able to negotiate harder on the car price.

[SarahJo]

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@ando35 wrote:

I thought I could get 1%-2% but all of these credit unions (DCU, FED) list their lowest apr at 3%.

What apr can you expect for an 800 score?

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The thing with auto loans is, and of course this is generally speaking, 720+ will typically get you the best rates (barring any derogatory information on your report yada yada)...anything above that is sort of just numbers.  The year of the vehicle matters, depending on the lender they consider "new" differently.  Some say 2017+ is new, some say 2018+, obviously new is better rate than used.  Also, the term is important...36 months? 60 months? This will affect the rate.  How much are you financing and do you have a solid auto loan history?  

Depending on the type of vehicle you are looking to purchase does matter as well in that new Subaru Outbacks through dealer financing are going for 0% interest, but their Forester is 3.49%...upon our recent purchase of a Forester 2.74% was the best I could find through any CU/lender and the dealer matched through their financing with Chase (originally listed as 3.49%), whom I prefer to the local clunky CU. 

Also consider that interest rates have risen in the past years, last click they came down a bit, but it will take time if they even come down at all for auto loans. My advice would be to get preappoved, go to the dealer, show them your rate, and ask flat out if they can do better.  Good luck and please keep us updated!