Is 3.5% APR good?

That said, yes, 3.5% is a good interest rate for most car loan borrowers. In general, people with average to above-average credit scores can find interest rates from 3% to 4.5% on 36-month car loans.

What does 3.5% APR mean?

Let's say, for example, that you are being quoted an APR of 3.5%. This would mean that if all of the interest and fees associated with your loan were to be added up and spread evenly across the life of the loan, the annual cost would amount to 3.5% of the amount being borrowed.

Is 3% good for a car loan?

A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.

What is a good APR to pay?

Since APR represents interest and added fees, you will want the smallest APR possible. If you have good credit (say, between 700-749), an ideal APR is around 5%. If you have bad credit (say, less than 650), your APR could climb to 16% or 20%. The higher the APR, the more likely you are to fall into debt.

A low credit card APR for someone with excellent credit might be 12%, while a good APR for someone with so-so credit could be in the high teens. If “good” means best available, it will be around 12% for credit card debt and around 3.5% for a 30-year mortgage.

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If you can deposit money into an account that pays an APR of 5 5 based on daily compounding how much would you need to deposit? ▫ Daily rate = 055 / 365 =

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This means that the quoted rate of 2 APR is not accurate or the quoted price of \$18000 is not accurate or both Example 5 5 3: Loan Formula—Mortgage

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3 £5 For further details please refer to your credit card terms and conditions We may increase your Minimum Repayment If we vary your Minimum Repayment

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“Where is the best place to finance my automobile purchase?” APR 2 Length of loan 3 Monthly payments 4 Total finance charge 5 Total to be repaid