Real Finance Rates with 750 Credit Score
Interest rates on auto loans have gotten bad. How bad? If you have excellent credit, you can expect to pay over 6% interest on a 60 month loan. Those with bad credit are paying upwards of 20%!
According to Edmunds, the average interest rate on new vehicles rose to 6.5% in the last 3 months of 2022, compared to 4.1% a year ago. That's more than a 2% increase in just one year, adding about $2,000 in additional cost to the average new car loan.
It looks like rates have risen even more just in the past few weeks. According to Jonathan Dorf, a General Sales Manager at a Honda dealership in Pennsylvania, even those with good credit scores of 750 and higher are getting quotes as high as 7.49%.
Jonathon shared the following image on a recent twitter post showing the rates he got on a 60 month loan from 3 local credit unions and 2 large lenders.
![Auto Loan Rates for Excellent Credit Scores](../assets/images/news/credit-score-finance-rates.jpeg)
The interest rates for a $33,000 loan on a 2023 Honda ranged from 5.49% to 7.49%. The average rate was 6.3%, and these do not include any dealer markup, which can add up to 2.5% on top of these rates.
It goes to show how important it is to shop around for the best finance rates. Just with this example, the difference between the lowest and highest quoted rate is $31 per month, which doesn't seem like a lot, but over a 60 month loan - that's nearly $1,800 in extra interest cost.
Thanks to Jonathan for sharing these real rates, you can follow him on Twitter or if you're in the market for a Honda and live near Pennsylvania, email him for a price quote.
![](/assets/images/cartoons/dealership.jpg)
Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About The Author
![Gregg Fidan](/assets/images/gregg/profile-pic.png)
Latest Weekly Car Buying Tips
July 2024
- All SUV Lease Deals Compared July 2024 Jul 25, 2024
- Real Prices of New Compact SUVs Jul 25, 2024
- New Cars You Should Wait to Buy Jul 25, 2024
- Cheapest Luxury Lease Deals Jul 25, 2024
- Best Car Deals by Category Jul 18, 2024
- Cars With the Largest Rebates Jul 18, 2024
- Price Comparison of Subcompact SUVs Jul 18, 2024
- Largest Hidden Dealer Rebates Jul 18, 2024
- Best 0% Finance Deals July 2024 Jul 11, 2024
- Best Bang for Your Buck Lease Deals Jul 11, 2024
- Best Electric, Hybrid Lease Deals Jul 11, 2024
- Real Prices of Pickup Trucks Jul 11, 2024
- Biggest Discounts on New Cars Jul 04, 2024
- New Cars with the Most Available Inventory Jul 04, 2024
- Top 100 Cheapest New Cars for 2024 Jul 04, 2024
- Real Prices of Midsize SUVs Jul 04, 2024
June 2024
- Top 100 Cheapest Lease Deals Jun 27, 2024
- Best Car Deals for 4th of July 2024 Jun 27, 2024
- Worst Cars to Lease Right Now Jun 27, 2024
- Real Prices of Compact Cars Jun 27, 2024
- Best Car Deals Around the Country Jun 20, 2024
- Real Prices of Midsize Cars Jun 20, 2024
- Real Prices of Large SUVs Jun 13, 2024