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Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
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 cars and 7.09 percent for used ...
Edmunds price: $19,990. Loan term: 60 months (5 years) Interest rate: 6%. Estimated monthly car payment: $386
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.
Edmunds. Edmunds.com Inc. (stylized as edmunds) is an American online resource for automotive inventory and information, including expert car reviews based on testing at the company's private facility. The company is headquartered in Santa Monica, California, and maintains an office in downtown Detroit, Michigan. [1]
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