If you're searching for that next car to take you around Ithaca, Trumansburg, and Watkins Glen, you'll want to visit the Maguire Family of Dealerships to browse our expansive inventory. While many drivers will choose a new car as their next ride, there's a lot of value to be explored in a used car.

What is the average interest rate for a used car? That's a question we hear a lot from drivers in Syracuse and Baldwinsville. We're here to provide an answer to that important question and explore used car interest rates with you.

Used Car Interest Rates

On average, the interest rate for a used car is around five percent, though that number can change depending on various factors. Your credit score is one thing to take into consideration. The math here is simple: The higher your credit score, the lower your used car interest rate will be. If you have a lower credit score, that doesn't mean you won't be able to get a loan, though.

Another factor? Used cars will vary in value, so the car's age and condition can determine the finance rate. If the used car you're thinking about is six years old and has 80,000 miles on the odometer, it could have a lower interest rate than the one that's two years old and has 15,000 miles on it.

A down payment can make your car more affordable, and can get you approved for a lower interest rate. If you put down 20 percent of the total price of the car, the interest rate will be lower.

Credit Score and Loans

A credit score lets a lender know how you're managing debt. It also lets them know if you'll be able to pay off the loan in a timely manner. Outstanding debt and payment history are two of the factors that go into the creation of your credit score.

If you are holding large amounts of debt, it can lead to high interest rates. If at all possible, consider holding on to the car you're currently driving for another year or two until as many debts as possible are cleared. Keeping your credit score high can be the difference between an affordable loan and having to re-work your entire budget.

Used Car Loan Benefits


Used car loan rates might be higher than a new car rate (particularly if a manufacturer is running a holiday or year-end special), but there are some benefits.

  • Lower monthly payments: Age and mileage play a role. A pre-owned car will be cheaper than a new version of the same car. This means lower monthly payments for you.
  • Shorter loan terms: Consider buying used if you want to pay off a loan faster. Used car loans can bring shorter finance terms.
  • Value over time: A major benefit of buying used? The car has already experienced that steep depreciation hit. They'll retain their value longer.

Explore a Used Car Loan at Maguire Dealerships

Browse our current Ithaca, Trumansburg, and Watkins Glen pre-owned inventory on our website or at our dealership today.

We're here to answer any interest rate questions you might have before you take the wheel in Syracuse and Baldwinsville. We can't wait to welcome you to the Maguire Dealerships family.

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Contact

Maguire Family of Dealerships

154 Cecil Malone Drive
Directions Ithaca, NY 14850

  • Sales: (607) 257-1515
  • Service: (607) 257-1515

Hours

  • Monday 8:00am - 8:00pm
  • Tuesday 8:00am - 8:00pm
  • Wednesday 8:00am - 8:00pm
  • Thursday 8:00am - 8:00pm
  • Friday 8:00am - 6:00pm
  • Saturday 8:00am - 6:00pm
  • Sunday Closed