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1557 Auto Park Way, Escondido, CA, 92029

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Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Fri9:00 AM - 8:00 PM
  • Sat9:00 AM - 7:00 PM
  • Sun10:00 AM - 6:00 PM
    (Call 760-745-3000, Option 2 to set an appointment)
Service Hours:
  • Mon - Fri7:00 AM - 6:00 PM
    (Call 760-745-3000, Option 1 to set an appointment)
  • Sat - SunClosed
Parts Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat - SunClosed
Collision Center Hours:
  • Mon - Fri8:00 AM - 5:00 PM
  • Sat - SunClosed

What is a Good Interest Rate for Your Car Loan?

Car Loan

What is a good loan rate and what is the average interest rate on a car loan? When purchasing a vehicle, it’s important to know whether or not you’re getting a good interest rate for your loan and paying a reasonable amount. The chart below shows the best interest rate according to your credit score and is separated by new car and used car. Note that the used car has a higher interest rate due to its higher level of liability. Once you get a loan that you feel comfortable with, we can start the process of approval and hand you the keys to start driving in San Diego!

What is a Good Loan Rate?

Average Credit Score for New Car Annual Percentage Rate Average Credit Score for Used Car Annual Percentage Rate
781-850 3.17% 781-850 3.8%
661-780 4.03% 661-780 5.48%
601-660 6.79% 601-660 10.1%
501-600 10.98% 501-600 16.27%
300-500 13.76% 300-500 19.32%

How Do I Get the Best Interest Rate?

Now that you know what is a good interest rate for your car loan, it’s time to plan for your purchase. Planning is required to get the best interest rate possible and there are many variables that impact the rate you may get. One major factor is your credit score. The higher your score, the lower your rate. Although several factors affect your credit over time, make sure you are paying any debts at the right amount and on time. Late and low payments can hurt your score. When you start the purchase process, you’ll also want to be ready to negotiate. Using the chart above, you’ll be able to determine if someone is offering you a fair rate. If they are not, you can negotiate a lower interest rate by using your high credit score and positive history as an argument. Be sure to have your numbers and expectations prepared beforehand and even practice so you can get the rate you deserve when it comes time. Don’t be afraid to ask questions, discuss with a trusted friend or family member and read all of the details.

What is the Average Interest Rate on a Car Loan?

The average interest rate on a car loan is between 3-4.5% for a three-year loan. This number can increase or decrease depending on your credit score, history and term of the loan as well. To get your car faster, it would be helpful to get pre-approved so you can compare what is offered onsite with what you already have. That also allows you to have options in selecting which loan you’d like. Once you do a quick analysis, you can make your decision and move forward with the process. 

Start Financing Today With MINI of Escondido 

Our financial experts can assist you with any questions you might have about the purchasing process without unnecessary hassle. Just like you, we want you to enjoy your vehicle as soon as possible! Once you decide which vehicle you’d like, visit MINI of Escondido to start the financing process and you’ll be driving through Escondido in no time! 


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MINI of Escondido 33.1165134, -117.1079991.