What Is The Average Interest Rate On A Car Loan In Texas 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 We ve rounded up the current average interest rates for new car loans used car loans and refinance car loans Jim Henry and Rusha Shrestha March 4 2025
The average auto loan rate in Texas is about 5 27 percent and state law forbids lenders from charging interest rates above 27 percent Although state auto loan rates will vary depending on the lending institution the borrower s credit score and history will also impact the rate and loan term they receive How to get the best interest rate In March 2025 automotive site Edmunds listed the average car loan interest rate for February 2025 as 7 2 APR for new car loans and 11 3 APR for used car loans
What Is The Average Interest Rate On A Car Loan In Texas
What Is The Average Interest Rate On A Car Loan In Texas
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Average Auto Loan Interest Rates 2019 Facts Figures ValuePenguin
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Average Auto Loan Interest Rates Facts And Figures Aromanist
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Effective January 1 2025 to December 31 2025 The maximum rates available for the financing of vehicles in equal monthly installments are found in the Texas Finance Code Section 348 104 That section specifies add on rates for four classes of vehicle The add on rate is the actual dollars per hundred per year of finance charge calculated on the amount financed What to know first The current auto loan annual percentage rate APR ranges from about 4 percent to 30 percent Average auto loan interest rates sit at 7 42 percent for a 60 month new car loan
The average car loan interest rate for new cars is 6 61 while the average interest rate for used cars is 11 74 your actual rate will vary based on your credit score and other factors On average a new car buyer with an excellent credit score can secure an average interest rate of 5 08 but that average jumps to 15 43 for borrowers with 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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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
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What Is The Average Interest Rate On A Car Loan In Texas - What to know first The current auto loan annual percentage rate APR ranges from about 4 percent to 30 percent Average auto loan interest rates sit at 7 42 percent for a 60 month new car loan