The current average auto loan interest rates across all credit profiles range from 5.25% to 15.77% for new cars and 7.13% to 21.55% for used cars.
Does the Fed interest rate affect car loans? Yes, it does: It has a domino effect that can raise or lower auto loan rates.
Key takeaways ; The average auto loan interest rate for new cars in the second quarter of 2024 was 6.84 percent, while used cars had an average rate of 12.01 percent. ; Your credit score plays a significant role in determining your interest rate, but other factors such as the lender, amount borrowed, length of the loan and economic conditions also play a role. ; The best way to secure a competitive interest rate on your auto loan is to shop around and work to improve your credit score.
PenFed Credit Union is the best overall auto loan lender thanks to its wide selection of loan types and competitive rates, according to our research. It offers rates for used car loans as...
Understand how your credit scores can impact auto loan interest rates. A comprehensive guide to car loan rates and how to score the lowest rates available.
Key takeaways ; Borrowers with favorable credit scores — 670 or higher — generally qualify for auto loans with the most attractive terms. ; If your credit score is on the lower end, review your credit report and create a plan to improve it before applying for an auto loan. ; It’s worth arranging financing before shopping for a vehicle so you can negotiate more effectively at the dealership.
Show auto loan type ; New · Used · Refinance ; Lending partner · APR from · Term · Min credit score
Unlock strategies to lower your interest rates on loans and credit cards. Improve your credit score, negotiate with lenders, and save on interest.
60-month auto loan options More terms available, Rates as low as ; New car (dealer), 5.69 % APR † ; Used car (dealer), 5.99 % APR † ; Refinance, 6.99 % APR † ; Buy out your lease, 6.99 % APR †
Incentives are coming back to the auto market, but high interest... Financing offers depend in part on the loan term. You might get a better interest rate with a short term, but a lower...