Rick Bormin, Personal Loans Moderator
@rhandoo2020
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:
Credit cards
A 15% APR is good for a credit card. The average APR on a credit card is 22.73%.
Personal loans
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:
Mortgages
A 15% APR is very expensive for a mortgage. The average 30-year fixed mortgage rate is around 3%.
Student loans
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%.
Auto loans
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.
People also ask
What is APR?
APR stands for Annual Percentage Rate. It is the annual rate charged for borrowing, or the rate made from investing, given as a single percentage number. It represents the yearly cost of borrowing (or investing) over the entire loan term including any fees or other costs that are part of the transaction. It provides borrowers with a number so that they may make comparisons to rates charged by other lending institutions. You will see APR...
read full answer by Patricia, MemberHow can I compare personal loan rates?
It’s easy to compare personal loan rates, which is good because doing so is essential to finding the best loan offers. Personal loan rates can range all the way from 6% to 36%, and they sometimes reflect more than just interest charges. The rates advertised for personal loans are actually annual percentage rates (APRs). Technically, the difference is that APRs include both interest and fees. However, origination fees are the most common type of personal...
read full answer by Adam McCann, Financial WriterWhat is a good interest rate on a personal loan?
A good interest rate on a personal loan is around 5.99%. The average APR for a two-year personal loan from a bank is 12.17%, according to the latest Federal Reserve data, and the best personal loans have APRs as low as 5.99% for the most creditworthy borrowers. The rates you get will depend heavily on your credit, income, debt, and other financial factors.
The best way to get a decent interest rate on a...
read full answer by Adam McCann, Financial WriterDid we answer your question?
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I am first time buyer and have a good credit score but i have no established credit. Is a 15.49% apr with capital one finance good??