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.

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.
3 Steps Every Car Buyer Needs to Take to Save Maximum Money
The key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:Step 1 Get Prices From My Trusted Network
Select the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).Step 2 Get Prices From TrueCar / CarsDirect
TrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.Step 3 Complete my Checklist
Follow this up with my checklist to make sure you squeeze out every last bit of savings.- Gregg Fidan

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

Latest Weekly Car Buying Tips
January 2023
- Best Car Deals Around the Country Jan 26, 2023
- Price Comparison of Subcompact SUVs Jan 26, 2023
- Tesla Drops Prices Up to 30% Jan 26, 2023
- New Cars You Should Wait to Buy Jan 26, 2023
- Top 100 Cheapest Lease Deals Jan 19, 2023
- Best Car Deals by Category Jan 19, 2023
- Cars With the Largest Rebates Jan 19, 2023
- Real Prices of Large SUVs Jan 19, 2023
- New Cars with the Most Available Inventory Jan 12, 2023
- Biggest Discounts on New Cars Jan 12, 2023
- Real Prices of New Compact SUVs Jan 12, 2023
- Real Finance Rates with 750 Credit Score Jan 12, 2023
- Best Bang for Your Buck Lease Deals Jan 05, 2023
- Best Electric, Hybrid Lease Deals Jan 05, 2023
- Best 0% Finance Deals January 2023 Jan 05, 2023
- Real Prices of Midsize SUVs Jan 05, 2023
December 2022
- Used Car Prices Declining Dec 29, 2022
- Top 100 Cheapest New Cars Dec 29, 2022
- Real Prices of Pickup Trucks Dec 29, 2022
- Real Prices of Midsize Cars Dec 15, 2022
- Real Prices of Compact Cars Dec 08, 2022
- Worst Cars to Lease Right Now Dec 01, 2022
- Lease Deals with Loyalty & Conquest Rebates Dec 01, 2022
- Largest Hidden Dealer Rebates Dec 01, 2022