Used Car Interest Rates

While some lenders may charge lower rates for a longer term others like credit unions offer higher rates on. See rates for new and used car loans and find auto loan refinance rates from lenders. Used car loans typically have higher interest rates than new car financing because there s more uncertainty as to the value of the car and lenders can demonstrate that used car borrowers default more frequently on their auto loans regardless of their credit.

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The national average for us auto loan interest rates is 5 27 on 60 month loans.

Used car interest rates. They charge more interest to protect themselves and recoup more of their money in case the loan goes into default. The interest rate you get can also depend on your car s loan term though not always. Interest rate by loan term. Even if your credit score is lower you may still qualify for.

If you default on a used car loan the lending company will be left with a lower value asset to sell. Used car loans have a higher interest rate than new car loans because used cars have a lower resale value than new cars. Compare auto loan rates. 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.

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. 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.