[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/smart-motoring.com\/latest-news\/what-is-a-good-apr-rate-for-car-finance\/#BlogPosting","mainEntityOfPage":"https:\/\/smart-motoring.com\/latest-news\/what-is-a-good-apr-rate-for-car-finance\/","headline":"What Is a Good APR Rate For Car Finance?","name":"What Is a Good APR Rate For Car Finance?","description":"Sponsored by Flow Car Finance What\u2019s the magic number for APR on car finance? What is considered a good\/bad rate? If you\u2019re into your cars, you\u2019ll know better than most that these four wheeled machines that we so dearly love are quite expensive. In many cases, they\u2019re a luxury purchase – we don\u2019t necessarily need a new Audi A1 or a BMW 330i or a Ford Fiesta ST but we would very much like to have one, regardless! As one […]","datePublished":"2022-06-01","dateModified":"2024-02-22","author":{"@type":"Person","@id":"https:\/\/smart-motoring.com\/author\/isabelle-lawrence\/#Person","name":"Isabelle Lawrence","url":"https:\/\/smart-motoring.com\/author\/isabelle-lawrence\/","identifier":30,"description":"Max Wheeler is a leading motoring journalist and classic car specialist at Smart Motoring, renowned for his sharp insight and infectious passion for all things automotive. With years of experience covering motoring news, supercars, and the enduring legacy of classic cars, Max brings stories to life with style and authority. Whether it\u2019s the roar of a Lamborghini, the elegance of an Aston Martin DB5, or the cultural impact of vintage motoring icons, he delivers expert commentary that inspires enthusiasts and collectors alike. Dedicated to celebrating the heritage and future of driving, Max Wheeler is your trusted voice for classic car news and beyond.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8d331506e3c530b5ec4930c30a01ed8cc29b0537227573ae5da98f559e681401?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8d331506e3c530b5ec4930c30a01ed8cc29b0537227573ae5da98f559e681401?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Smart Motoring","logo":{"@type":"ImageObject","@id":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2024\/10\/smart-motoring_news_logo_g-e1765846726493.webp","url":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2024\/10\/smart-motoring_news_logo_g-e1765846726493.webp","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2022\/06\/What-Is-Considered-a-Good-APR-Rate-For-Car-Finance-feature.jpg","url":"https:\/\/smart-motoring.com\/wp-content\/uploads\/2022\/06\/What-Is-Considered-a-Good-APR-Rate-For-Car-Finance-feature.jpg","height":520,"width":1200},"url":"https:\/\/smart-motoring.com\/latest-news\/what-is-a-good-apr-rate-for-car-finance\/","about":["Cars","LATEST CAR NEWS"],"wordCount":558,"keywords":["APR","Flow Car Finance"],"articleBody":"Sponsored by Flow Car FinanceWhat\u2019s the magic number for APR on car finance? What is considered a good\/bad rate?If you\u2019re into your cars, you\u2019ll know better than most that these four wheeled machines that we so dearly love are quite expensive. In many cases, they\u2019re a luxury purchase – we don\u2019t necessarily need a new Audi A1 or a BMW 330i or a Ford Fiesta ST but we would very much like to have one, regardless!As one of the most expensive things the average John or Jane will own, it\u2019s important to know that you\u2019re getting a good deal on your car finance and to do that, we\u2019ll need to know what is a good APR rate and what is a not-so-good APR.Firstly, for those that don\u2019t know, APR stands for annual percentage rate and is a wrap up of what it costs to borrow the money you needed to purchase a car. In other words, it\u2019s the interest you pay on top of the amount lent to you so ideally, a consumer wants to pay as little as possible or zero interest.So, what is a good APR rate? Assuming the applicant has a credit score that ranges from perfect to good, an APR of 6% – 12% can be expected. However, if the applicant\u2019s credit score is average or poor, rates can quickly skyrocket and lenders can become much scarcer.When it comes to sub-optimal credit scores, applicants may need to rely on more specialist lenders that are able to accept them but costs can rise to over 20% due to the risk the lenders are taking.What makes things even harder is that in the car finance industry, there are all kinds of lenders out there and it can quickly become hard to identify which can offer genuinely good deals and which aren\u2019t as good value as they make out to be. Collectively, the MV team have had plenty of experience when it comes to car financing and that\u2019s why we\u2019re confident in recommending one company that consistently offers good car financing deals.We\u2019ve partnered with Flow Car Finance for a reason. Not only do they make 6.8% APR financing available for many but also offer customer service that\u2019s second to none. Backed by a review score of 4.8 stars on Google and 4.4 stars on Trustpilot, customers may come for the good finance offers but they certainly stay for the friendly and personable customer service.With so many credit brokers about now, all seemingly offering the same thing and claiming to be the most competitive and most convenient, it becomes hard for the average consumer to understand whether or not there are better deals to be had.Being a fairly new broker, Flow Car Finance isn\u2019t yet as well known as the big players that you may see advertised on TV, which means a lot of people will be missing out on their low-APR finance plans simply because they haven\u2019t shopped around. Save yourself some extra money each month and be sure to shop around for the best deal!Check out Flow Car Finance and you won\u2019t regret it!If anyone\u2019s used Flow before, let us know how you found your experience with them, in the comments!"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Latest News","item":"https:\/\/smart-motoring.com\/latest-news\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"What Is a Good APR Rate For Car Finance?","item":"https:\/\/smart-motoring.com\/latest-news\/what-is-a-good-apr-rate-for-car-finance\/#breadcrumbitem"}]}]