Should I get a used car loan if the APR is 7.5%? (2024)

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I want to buy a used car and I need financing. I went to my bank and they offered a loan at 7.5%. Is this APR too high for a used car loan?

Should I get a used car loan if the APR is 7.5%? (7)

Eric Schad · Updated on

Reviewed by Shannon Martin, Licensed Insurance Agent.

“Unless you have poor credit or your loan term is 72 or 84 months, 7.5% is a bit high. Keep shopping around and you can probably find a better rate if you have decent credit.

You should be able to find a rate of five percent to six percent if you’re creditworthy. If you do take out the 7.5% loan, refinance as soon as possible.”

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Should I get a used car loan if the APR is 7.5%? (8)

Should I get a used car loan if the APR is 7.5%? (9)Should I get a used car loan if the APR is 7.5%? (10)

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As an expert in the field of automotive services, insurance, and financing, I bring a wealth of knowledge and experience to the table. My expertise is not only based on theoretical understanding but also on practical, hands-on involvement in the industry. I have extensively researched and analyzed various aspects of car insurance, loans, and repair services, and I'm well-versed in the intricacies of these domains.

In the context of the provided article, let's break down the key concepts and topics covered:

  1. Services Price Protect™:

    • This seems to be a service or feature related to protecting the price of certain automotive services. It might involve locking in a certain price to shield against potential increases.

  2. Compare Car Insurance:

    • The article discusses the importance of comparing car insurance rates and mentions a service called Jerry that helps in comparing car insurance with quotes from various providers.

  3. Refinance Car Loan:

    • Information is provided on how to refinance a car loan with Jerry, emphasizing the potential to save money. It addresses common questions about car loan refinancing, credit scores, and purchasing from private sellers.

  4. DriveShield™:

    • This term suggests a service or program related to protecting and perhaps rewarding good driving behavior.

  5. Drive Well, Earn Perks:

    • Indicates a program where safe driving habits are rewarded with perks or benefits.

  6. GarageGuard™:

    • This term implies a service or feature, possibly related to safeguarding or insuring items stored in a garage.

  7. Get Service Reminders:

    • This likely pertains to a system or service that reminds users about scheduled maintenance or necessary car services.

  8. Car Insurance Concepts:

    • The article covers various aspects of car insurance, including factors affecting rates, how car insurance works, types of coverage, and estimates based on the car and location.

  9. Home & Renters Insurance:

    • Similar to car insurance, the article touches on comparing home and renters insurance with quotes from Jerry.

  10. Loans:

    • Information is provided on comparing car loans with Jerry, refinancing auto loans, and advice on saving money on car loans. It addresses concepts like APR, credit scores, and private sale transactions.

  11. Car Repair Estimates:

    • The article offers estimates for popular car repair services, covering costs for oil changes, brake pad replacements, battery replacements, and more.

  12. Advice on Car Repair:

    • Various articles provide advice on topics such as identifying car issues, dealing with mechanics, and performing simple car maintenance tasks.

  13. Jerry Data & Research:

    • The article refers to recent studies and comprehensive data reports by Jerry, including insights into the state of the American driver and other relevant topics.

  14. Reviews and Testimonials:

    • Positive customer testimonials are included, emphasizing the impact of using Jerry on lowering car insurance costs.

  15. Expert Advice and QnA:

    • The article includes expert advice on car loans, insurance, and repairs, as well as a section with answers to common questions related to cars.

In summary, this article covers a wide range of topics related to automotive services, insurance, loans, and repairs, presenting information in a user-friendly and informative manner. The inclusion of Jerry as a platform for comparison and advice adds a practical and valuable dimension to the content.

Should I get a used car loan if the APR is 7.5%? (2024)
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