Is 9.5 interest rate good?
Individuals with excellent credit, which is defined as any FICO credit score between 720 and 850, should expect to find personal loan interest rates at about 9% to 13%, and many of these individuals may even qualify for lower rates.
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.
"With no fixed rate" means that there is no fixed rate period during which the interest can't change, meaning that the 9.5% can increase. the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".
How do you know if the interest rate you're offered is good for you? A good personal loan interest rate depends on your credit score: 740 and above: Below 8% (look for loans for excellent credit) 670 to 739: Around 14% (look for loans for good credit)
Typically, a loan with an annual percentage rate, or APR, over 36% is considered a high-interest loan. If you need cash fast or have low credit, you may be offered a high-interest loan or feel like you don't have any other options.
Avoid loans with APRs higher than 10% (if possible)
According to Rachel Sanborn Lawrence, advisory services director and certified financial planner at Ellevest, you should feel OK about taking on purposeful debt that's below 10% APR, and even better if it's below 5% APR.
A good credit card APR is a rate that's at or below the national average, which currently sits above 20 percent. While there are credit cards with APRs below 10 percent, they are most often found at credit unions or small local banks. If you don't have good credit, you're likely to receive a higher credit card APR.
Yes, 9% is a good personal loan interest rate for people with good credit. Applicants with a credit score of 660+ could qualify for a personal loan with a 9.00% APR if they choose the right lender and have enough income to afford the loan.
What is considered a low interest rate for a personal loan? Top lenders like Upstart and LightStream have a starting annual percentage rate (APR) under 8 percent. Provided you have excellent credit and strong income, you may qualify for a low-interest personal loan with an APR under 10 percent.
You're likely pay less in fees.
If you had a 25-year mortgage, and you were to remortgage ten times over that period, these fees can add up. But if you're fixing for five or 10 years, or even longer, you'll pay fewer of these fees, especially compared with someone who changes their mortgage every couple of years.
Why is my APR so high with good credit?
Key takeaways. Your credit card APR can go up if the prime rate changes, you paid your credit card bill late, your intro APR offer ended or your credit score dropped. If your APR increases, you can work on paying down your balance or transfer your balance to a card with a low or 0 percent intro APR offer.
Based on the OneMain personal loan calculator, a $5,000 loan with a 25% APR and a 60-month term length would be $147 per month. The loan terms you receive will depend on your credit profile, including credit history, income, debts and if you secure it with collateral like a car or truck.
| Borrower credit rating | Score range | Estimated APR |
|---|---|---|
| Excellent | 720-850. | 12.64% |
| Good | 690-719. | 14.84% |
| Fair | 630-689. | 18.69%. |
| Bad | 300-629. | 21.74%. |
What's the Highest Mortgage Rate in History? From 1971 to present, the highest average mortgage rate ever recorded was 18.63% in October 1981. Mortgage rates held steady above 18% in the two-month span between Sept. 10 and Nov.
Mortgage rates are expected to decline when the Federal Open Market Committee cuts the benchmark interest rate, which is likely to happen in the second half of 2024. But as long as inflation runs hotter than the Fed would like, rates will remain elevated at their current levels.
However, if compounding is more frequent than once per year, then the effective interest rate will be greater than 10%. The more often compounding occurs, the higher the effective interest rate.
But the APR is lower, at 9%—meaning there are fewer fees associated with the loan. All other things being equal, you'll pay less over the life of the loan by picking Loan A—9% on the principal, compared to 10%. A low APR means a lower cost of borrowing overall, and lower monthly payments.
Car Loan APRs by Credit Score
Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used.
| Credit score | Average APR, new car | Average APR, used car |
|---|---|---|
| Superprime: 781-850. | 5.64%. | 7.66%. |
| Prime: 661-780. | 7.01%. | 9.73%. |
| Nonprime: 601-660. | 9.60%. | 14.12%. |
| Subprime: 501-600. | 12.28%. | 18.89%. |
What is a good interest rate for a 72-month car loan? An interest rate under 5% is a great rate for a 72-month auto loan.
Is 29.99 APR high for a credit card?
Penalty APRs are part of why credit card overspending can be so dangerous, as they may reach higher than 29.99% when a payment is at least 60 days late. Interest rates this high would be unthinkable in most other common lending contexts.
An APR is the interest rate you are charged for borrowing money. In the case of credit cards, you don't get charged interest if you pay off your balance on time and in full each billing cycle. Card issuers express this rate annually, but to find your monthly interest rate, simply divide by 12.
Generally, what's considered a bad interest rate is anything higher than 10%. Ideally, you want to get an interest rate that's below 5% — but with little or bad credit, that can be harder to achieve.
No, a 26.99% APR is a high interest rate. Credit card interest rates are often based on your creditworthiness. If you're paying 26.99%, you should work on improving your credit score to qualify for a lower interest rate.
There is no federal law that sets maximum interest rates on all consumer loans; rather, rates are restricted at the state level.
