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What is a good auto loan rate? A good auto loan rate is generally any rate below the average for your credit profile. For drivers with excellent credit, the average rates are 5.07 percent for new ...
Sharply higher rates for both new and used car loans. Longer terms on auto loans—the average auto loan term for a new vehicle is more than 68 months, according to Experian Automotive.
According to the National Credit Union Administration, here are the national average auto loan interest rates at banks as of June 2022: 36-month used car loan: 5.08 percent.
Car purchases. The most common method of buying a car in the United States is borrowing the money and then paying it off in installments. Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). [2] Roughly 30% of new vehicles during the same time period were leased.
In 2021, the average car loan rate was 4.09%, while the latest data from 2023 came in at 7.03%, according to consumer credit reporting agency Experian. During that period, the average monthly ...
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
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