Average Chevy Finance Rates
Ever wondered what kind of Chevy finance rate your credit score would get if you applied for an auto loan? While the financiers at Chevrolet of Naperville are flexible and happy to work with you in determining a custom loan option, we encourage Aurora and Bolingbrook car shoppers to read our helpful guide on how credit score and Chevy finance rates correlate, so you can get a ballpark idea of what to expect.
Credit scores above 680 are considered “Prime.” In this territory, your interest rate will likely be in the single digits. You’ll also require fewer documents to prove your financial security while negotiating for a loan.
Between 620 and 679
Credit scores between 620 and 679 are considered “Near Prime.” In this range, your Chevy finance rate will likely be in the high single digits or low double digits. The financier may require additional conditions and requirements on the loan. When you’re “Near Prime,” it’s important to look at your credit report before negotiating, as you may just need to change a few credit habits to enter “Prime” territory.
When your credit score is under 620, you will have to apply for a “Subprime” loan. Subprime loans often feature car interest rates in the teens and low twenties. This is because you’re considered higher risk. They also require larger down payments as an assurance to the dealership that you’re invested in paying through the value of your new vehicle. Furthermore, dealers will stipulate additional conditions and requirements on your loan.
Discuss Chevy Finance Rates with Chevrolet of Naperville
Get in touch with the finance department at Chevrolet of Naperville to see what Chevy finance rates are available to you. While you can roughly estimate your interest on your monthly payment by going off the guide above, we work to finance people of every background in greater Romeoville, and we treat every case as a unique situation, so don’t hesitate to reach out and see what we can do for you! While you’re here, be sure to check out our guide on determining whether to lease or finance.
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