Current Interest Rates
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Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ways and pitfalls of borrowing money to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down complicated subjects into bite-sized pieces.
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The current interest rates for auto loan interest rates Dates
60-month new car
New car with 48-month warranty
48-month used car
Used car for 36 months
6.44% 2023 outlook for automotive loan interest rates for 2022 proved to be a difficult year for all aspects of American finance. And now, in 2023, it’s clear the automotive industry will not be spared. The decisions made by the government and other supply chain problems all impact how much it’s going to cost to finance your next car. The increased Fed rate, which is currently between 4.5 percent and rising to 4.75 percent following the meeting in February, will indirectly affect the cost of financing. As high as vehicle prices have risen since the highest point in summer however, the rise in interest rates will make for a more costly experience overall. But while the federal funds rate affects the rate of interest charged by lenders, it’s not the only factor. The lenders will also consider the credit rating of yours, amount financed and your loan term. With all of this in mind, consider taking your next loan with extra care. Make sure you make an application and compare lenders.
What’s the difference between brand new and used car interest rates? Loans for newer cars typically be lower in interest rates than loans for older cars . They see the newer models as less risky as they are less likely to break down and lenders can determine the amount they’ll lose in the future. Also, newer vehicles have a higher resale values that are more predictable than older cars, and that predictability results in a lower interest rate. Average interest rate by loan type As an example, below are the interest rates for new and used vehicles at the time of December. 14 2022.
7.86% Auto loan rates based on credit score Scores that are 740 or morewhich is considered to be very good can help you qualify for the lowest automobile loan rate. Even if your credit score is lower, you might be able to get a good rate. Here’s a look at the average interest rates for credit scores according to . Credit score
781 to 850 (super prime)
661 to 780 (prime)
601 to 660 (nonprime)
Between 501 and 600 (subprime)
300 to 500 (deep subprime)
19.81 percent Ready to compare rates from top lenders? Editorial Disclosure
All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertiser. The information that is included, including rates and fees that are included in the review is correct up to the date when the review first appeared. Review the data at the top of this page as well as the lender’s website to find the most current information.
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