Is Your Auto Loan Interest Rate Fair?

IS YOUR AUTO LOAN INTEREST RATE FAIR? THE APR YOU'RE APPROVED FOR MAY NOT BE WHAT YOU'RE ACTUALLY PAYING WHAT YOU NEED TO KNOW TO BE AN INFORMED CAR BUYER BEFORE GOING TO THE DEALERSHIP WHAT YOU DON'T SEE WHEN YOU APPLY FORA LOAN .... .... Available APR's V Lender 1 8.29 Lender 2 4.73 Lender 3 7.23 Dealerships receive different interest rate quotes from multiple lending partners, but due to otherincentives, they may not select the lowest rate for you. WHAT YOU END UP WITH You're Approved! 11.29% APR Dealers derive a substantial portion of their profits by marking up the selected interest rate by as much as 3%. HOW MUCH HIGHER DOES THE UNINFORMED BUYER PAY IN INTEREST RATES THAN THE INFORMED BUYER WITH THE SAME CREDIT SCORE? ACROSS A POOL OF MORE THAN 8 MILLION AUTO LOANS FROM THE PAST 12 MONTHS, INFORMED CAR BUYERS SAVE MORE THAN 6 PERCENTAGE POINTS VS. UNINFORMED CAR BUYERS. INFORMED CAR BUYER UNINFORMED CAR BUYER ↑ VS. 5,72% 11.29% Informed buyers are those who secured a better interest rate than 75% of their peers. They know their FICO score and what a fair interest rate is before the Uninformed buyers are those who ended u p with an interest rate better than on ly 25% of their peers. Skilled dealers know how to hide profits by marking up the interest rates of unsu specting consumers. negotiations begin. DIFFERENCES IN APR REALLY ADD UP... ... ... ... ... AVG. PAYMENT FOR AVG. PAYMENT FOR PAYMENT INFORMED CAR BUYER UNINFORMED CAR BUYER DIFFERENCE $341/MO. VS, $390/MO. = $49/MO. .... .... .. . .... JAN FEB MAR APR $49 $49 $49 $49 х62. MONTHS MAY JUNE JULY AUG $49 $49 $49 $49 THE AVG. LOAN TERM IN U.S. SEPT ост NOV DEC $49 $49 $49 $49 ... ... .. THE IN FORM ED BUYER SAVES ... ... $3,038 OVER THE LIFE OF THEIR LOAN! ALL CREDIT SCORES ARE AFFECTED THE DIFFERENCE UN INFORMED VS. INFORMED CAR BUYERS PAY IN INTEREST OVER THE LIFE OF THEIR LOAN $4,467 $4,154 DIFFERENCE PAID $2,679 $ $1,262 <600 600-650 651-700 701+ CREDIT SCORES SOME STATES ARE MORE FAIR THAN OTHERS HOW MUCH MORE ARE UN INFORMED CAR BUYERS PAYING BY STATE? NATIONAL AVERAGE $3,093 .... ···. ME WA VT NH $1,950 $3,695 $2,114 $2,388 MT ND MN $2,317 $2,382 OR $1,941 IN WI $2,588 $2,276 ID MA $3,152 $2,518 SD NY $3,055 MI WY $1,861 $2,955 $2,478 RI $3,641 CT $1,95 1 PA $2,474 IA NE $2,492 * NJ NV $2,181 OH $3,549 $2,0 62 IL $2,829 $3,308 UT CO $2,888 $2,454 $2,791 VA MD CA KS MO KY $2,998 $3,766 $3,467 $2,289 $2,696 $3,189 NC - $3,184 TN OK AR $3,360 wv AZ NM $1,861 $3,090 $3,058 $3,032 $3,850 SC $3,108 AL GA $3,375 $3,693 TX LA $3,641 $3,933 MS EL $3,478 $3,506 GET INFORMED CARVANA LEARN MORE ABOUT WHAT CAR BUYERS IN YOUR STATE ARE PAYING AT WWW.CARVANA.COM/RATES At Carvana, get the car with out the car salesman when you buy, finance, and receive delivery of a certified vehicle from Carvana. We're committed to consistent, fair interest rates for all car buyers. SOURCE: All figures based on nationally available data; compiled and computed by Carvana %24 %24 %24