Each case is different! The lending market is competitive, and your credit score does matter. The higher your credit score, the more likely you’ll be able to obtain a loan with a lower APR, meaning you spend less money on interest. However, since each lender operates according to their own rules, we can only estimate what your APR will be like with a particular credit score.
First-time buyers starting from zero or a deep subprime score (from 300 to 500) typically pay an average APR of 13.42 percent for a new vehicle and 20.62 percent for a used model. Subprime buyers (with credit scores between 501 and 600) will pay an average of 10.79 percent APR on a new vehicle and 17.46 percent on a used one.
With a non prime (601 to 660) credit score, you’ll fare a little better. The average APR for a first-time nonprime buyer is 8.12 percent for a new car and 12.08 percent for a used model.
Finally, as a prime (661 to 780) first-time buyer, you’ll see an average APR of 5.92 percent on a new car and 7.83 percent on a used car. Superprime (781 to 850) buyers see the best rates, with an average APR of 4.75 percent for new car loans and 5.99 percent for used car loans.