What Is The Average Interest Rate On A Car Loan 2024 Average auto loan interest rates are available from several different sources and can provide an idea of what APR to expect for your auto loan
Quick Answer The average new car loan interest rate for a buyer with an excellent credit score was 5 08 in Q3 2024 That average rises to 15 43 for borrowers with poor credit scores Learn how your credit score affects your auto loan interest rate Getting a great deal on your used car loan interest rate is an excellent way to save money We ll show you the average rates available and some strategies to help you find low rates
What Is The Average Interest Rate On A Car Loan 2024
What Is The Average Interest Rate On A Car Loan 2024
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Average used car loan interest rates are tied to your credit score The same is true for new cars But you can get a decent rate without perfect credit 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
Average Car Loan Interest Rates by Credit Score Average rates vary widely from the lowest credit scores to the highest According to data from Experian s State of the Automotive Finance Market report for the third quarter of 2024 the average APR for a new car loan was 5 08 for super prime borrowers with excellent credit The average soared to 15 43 for borrowers with deep subprime or The average APR for a new car loan was 7 18 according to Experian s State of the Automotive Finance Market report for the first quarter of 2024
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For example the Fed s rate hikes throughout 2022 and 2023 drove up interest rates on all loan and banking products including auto loans The average interest rate for a new car loan was just 4 61 in 2022 2 23 lower than it is now The average auto loan interest rate for new cars in the fourth quarter of 2024 was 6 35 percent while the average used car loan interest rate was 11 62 percent
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What Is The Average Interest Rate On A Car Loan 2024 - The average APR for a new car loan was 7 18 according to Experian s State of the Automotive Finance Market report for the first quarter of 2024