Current Interest Rates
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Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to control their finances through providing precise, well-studied details that cut complex topics into manageable bites.
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The current interest rates for auto loan Interest rates and dates
60-month new car
48-month new car
Used for 48-months
36-month used car
3/15/2023
6.48%
6.44%
7.02%
6.73%
3/8/2023
6.30%
6.27%
6.90%
6.58%
3/1/2023
6.30%
6.27%
6.90%
6.58%
2/22/2023
6.27%
6.25%
6.88%
6.55%
2/15/2023
6.27%
6.25%
6.88%
6.54%
2/8/2023
6.26%
6.23%
6.86%
6.52%
2/1/2023
6.19%
6.16%
6.83%
6.49%
1/25/2023
6.18%
6.17%
6.83%
6.49%
1/18/2023
6.17%
6.16%
6.8%
6.47%
1/11/2023
6.17%
6.15%
6.8%
6.47%
1/4/2023
6.26%
6.25%
7.03%
6.66%
12/28/2022
6.13%
6.12%
6.77%
6.44%
12/21/2022
6.13%
6.12%
6.76%
6.44 2023 forecast for automotive loan interest rates for 2022 proved to be a difficult year in all facets of American finance. In 2023, it’s obvious that the auto industry won’t be spared. The decisions of the board and the remaining supply chain problems all play a part in the amount it will cost to finance your next vehicle. The higher Fed rate, which is currently in the range of 4.5 percent to 4.75 percent after the meeting in February which will affect the cost of financing. As high as vehicle prices have risen since the high in the summer of this year, the increase in interest rates could make for a more costly overall. However, while the federal funds rate affects the rate of interest charged by lenders, it’s not the only factor. Lenders will also look at your credit score, the amount financed and your loan duration. With this information in mind, you should think about the next loan with extra care. Make sure you apply for and shop multiple lenders.
What’s the difference between brand new as well as used cars’ interest rates? Car loans that are brand new tend to have lower interest rates than loans for . The lenders view newer vehicles as less risky — they’re less likely to break down and lenders are able to determine how much they’ll depreciate over time. Newer cars also have higher resale values that are more predictable as compared to older models which will result in a lower rate. Average interest rates by loan type To give an example, below are the rates of interest for used and new vehicles in December. 14, 2022.
Terms
New
Used
36 months
6.06%
6.43%
48 months
6.09%
6.74%
60 months
6.1%
7.86% Auto loan rates based on credit scores Credit scores of 740 or higher -an amount that is considered to be excellent and will allow you to be eligible for the lowest auto loan cost. But even the credit score of yours is lower, you may be eligible for a reasonable rate. Here’s a breakdown of the average interest rates by credit score according to . Credit score
New cars
Cars that are used
781 to 850 (super prime)
3.84%
3.69%
661-780 (prime)
4.9%
5.47%
601 to 660 (nonprime)
7.25%
9.81%
Between 501 and 600 (subprime)
10.11%
15.86%
300-500 (deep subprime)
12.93%
19.81% Ready to compare rates from top lenders? Editorial Disclosure
All reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s website to find the most current information.
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