A 15% APR is good for credit cards and personal loans, as it’s cheaper than average. On the other hand, a 15% APR is not good for mortgages, student loans, or auto loans, as it’s far higher than what most borrowers should expect to pay.
15% Is a Good APR For:
A 15% APR is good for a credit card. The average APR on a credit card is 18.32%.
A 15% APR is good for a personal loan. It’s not the lowest rate you can get, though. Personal loan APRs tend to range from around 4% to 36%.
15% Is NOT a Good APR For:
A 15% APR is very expensive for a mortgage. The average 30-year fixed mortgage rate is around 3%.
A 15% APR is not good for student loans. The rates on federal student loans tend to be around 3% to 5%. Private student loans’ rates range from 1% to 12%.
A 15% APR is not good for auto loans. APRs on auto loans tend to range from around 4% to 10%, depending on whether you buy new or used.
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