What the typical auto loan interest rate right now with a 680 credit score?

Drive the one you have and improve your score by paying off any existing debt.

It's 4.2% at the local credit union for 60 months, 3.9% for 48 months

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So you’re saying go through a credit union?

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That was the rate my credit union published as of 01/25/23. I've typically found that to the cheapest route unless the manufacturer offers some kind of incentive type financing.

Credit unions are generally cheaper and even cheaper if you have checking, direct deposit and autopay with them

Seems like in house financing for the car brands are beating the credit unions right now. I would try with the dealer first.

At a 680 I would think they would be close to 8-10%. Used will be a little higher

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I’m looking to buy a new car and I make 50k a year.

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Very bad idea

Dont get a huge car payment at a high interest rate at this stage of your life with a ton of your money tied up in a highly depreciating asset.

Look for something used in the $10k-$15k range.


Just speaking from experience but when I was making not much early on in career I went out and got a brand new $25k Accord (same trim Accord is over $30k now). Even with 0.9% financing over 5 years I would have been so much better off driving what i had till it was no longer drivable and investing that $322 car payment I had each month. That $25k Accord is now worth maybe $12k. At least it didnt cost me much in interest but still it's a regret. When I needed a new car I should have just gone out and paid cash for like a $10k car.

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Just hold on to it and drive the wheels off.. my ride is currently 12 years old and I dont plan on getting rid of it for another 3-4 years.

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Even new cars wouldn't be "awful" if folks did this. I haven't bought new in almost 20 years. I've had great luck with certified and quality used (I tend to go Toyota/Lexus). Currently have cars averaging about 12 to 13 years old.

You need to sign up/log on to all 3 credit unions and dispute every negative mark until they are gone. Have 2 or 3 credit cards with <10% credit limit balance.

I guess it depends. I was able to get 1.9% from ford, which was better than my credit union, but my score was pretty high. I just made sure all my accounts were paid off before shopping.