Subprime borrowers may not be locked out of car loans, but they’re not getting the deals that many other car borrowers are seeing in 2020.

Car loan rates, again in general, remain favorable in 2020.

If you have a good credit score, the best car loan rates are in the 2% range, such as 2.69% to 2.99%, according to Bankrate.com. Those car loan rates can be had with credit scores of 700 or better.

Banks and credit unions aren’t offering 0% rates but some manufacturers continue to offer a few here and there to those with great credit on select models. In general, many 0% deals now are targeted to move older models, including some 2019 models, according to Cox Automotive. It’s a very different landscape from April when 0% blanketed much of the industry. Now, it’s rare to see 0% for 84-month car loans.

General Motors, for example, is offering 0% APR financing for 60 months on the 2020 Cadillac XT4, XT5 and XT6. Ford Motor has a 0% for 60 months on 2020MY Fusion (gas), Escape (gas), Edge, Explorer and Expedition, with $1,000 trade assistance cash on the SUVs listed. Incentives vary by region and vehicle.

The average rate for a four-year used car loan is 4.96% — down from 5.33% at the beginning of the year, according to Bankrate.com.

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