Average Car Loan Interest Rate

The average buyer can expect to pay anywhere between 4 5 to 6 interest on their car loan depending on whether the car is new or used and whether the interest rate is fixed or variable. That s more than a third of the car s purchase price of 36 000 and about 9 000 in added costs compared to what someone with excellent credit would pay. Prime 661 to 780.

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The average interest rate on car loansthere are many advertised interest rates but keep in mind that they re designed to entice customers so it tends to be a tad low.

Average car loan interest rate. While some lenders may charge lower rates for a longer term others like credit unions offer higher rates on. Interest rate by loan term. A higher interest rate helps the lender recoup more of the car s value early in the loan somewhat protecting them if the loan goes bad. Credit scores of 719 for a new car or 655 for a used car or higher will help you qualify for the lowest auto loan interest rates.

The following example shows the amount of interest you could end up paying for a brand new 36 000 car assuming a loan term of 7 years and a down payment of. The average auto loan interest rate in the last quarter of 2019 was 5 76 for a new car and 9 49 for a used car according to experian data. Nonprime 601 to 660. In fact the average interest rate on both a 48 and 60 month car loan from a commercial bank in the third quarter of 2019 was 5 27 according to the federal reserve.

Compare auto loan rates. For individual consumers however rates vary based on credit score term length of the loan age of the car being financed and other factors relevant to a lender s risk in offering a loan. The interest rate you get can also depend on your car s loan term though not always. See rates for new and used car loans and find auto loan refinance rates from lenders.

The national average for us auto loan interest rates is 5 27 on 60 month loans. Here are the average interest rates on auto loans for new cars at the end of 2019 according to the state of the auto finance market report from the credit bureau experian. Average interest rate for a new car loan. Super prime 781 to 850.

At 15 72 the average new car interest rate we found for people with poor credit the total interest comes to 12 965. The average car loan is just under 32 000 with most people choosing a 60 or. When you walk in to a dealer you get surprised that there s more than meets the eye. Even if your credit score is lower you may still qualify for.

Four year loan terms will almost always have lower interest rates than five or six year car loans.