A 24.99% APR is not good for mortgages, student loans, or auto loans, as it’s far higher than what most borrowers should expect to pay and what most lenders will even offer. A 24.99% APR is reasonable for personal loans and credit cards, however, particularly for people with below-average credit. You still shouldn’t settle for a rate this high if you can help it, though.
24.99% Is a Good APR For:
A 24.99% APR is reasonable but not ideal for credit cards. The average APR on a credit card is 20.16%.
A 24.99% APR is decent for personal loans. It’s far from the lowest rate you can get, though. Personal loan APRs tend to range from around 4% to 36%.
24.99% Is NOT a Good APR For:
A 24.99% APR is very expensive for a mortgage. The average 30-year fixed mortgage rate is around 3%.
A 24.99% 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 24.99% 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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.