Current Rates of Interest
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Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to buy a car. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances with precise, well-studied information that breaks down complex topics into manageable bites.
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Present auto loan interest rates Dates
60-month new car
New car with 48-month warranty
48-month used car
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 the outlook for auto loan interest rates in 2022 was a challenging year in every aspect of American finance. And now, in 2023, it’s obvious that the auto industry won’t come out unscathed. The decisions of the board and the other supply chain issues all impact the amount it will cost to finance your next vehicle. The increase in the Fed rate, currently in the range of 4.5 percent and rising to 4.75 percent after the February meeting, will indirectly affect the rates you pay. As high as vehicle prices have risen since the highest point in summer and the rise in interest rates will still make for a more costly in general. While Federal funds rates influences lender’s rates, it is not the only factor. Lenders will also look at your credit score, the amount financed and your loan term. With this information in mind, consider the next loan with extra care. You should make an application and compare lenders.
What’s the difference between new as well as used cars’ interest rates? Car loans that are brand new tend to have lower rates of interest than those for . They see the newer models as less risky — they’re less likely to break down and lenders can determine how much they’ll depreciate over time. Also, newer vehicles have a greater predictability in resales than older vehicles and this predictability will result in a lower rate. Average interest rates based on loan type To give an example, here are the interest rates for used and new vehicles at the time of 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 that are 740 or more- what’s considered very good — will help you be eligible for the lowest automobile loan rate. Even when your credit score isn’t as high, you could be eligible for a reasonable rate. Here’s a look at the average interest rates based on credit score in accordance with . Credit score
New cars
Used cars
781-850 (super prime)
3.84%
3.69%
661 to 780 (prime)
4.9%
5.47%
601 to 660 (nonprime)
7.25%
9.81%
From 501 to 600 (subprime)
10.11%
15.86%
300 to 500 (deep subprime)
12.93%
19.81 percent Ready to compare rates from top lenders? Editorial Disclosure
All reviews are prepared by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been evaluated or acknowledged by any advertiser. The information, including rates and fees, presented in the review are accurate up to the date that the review was written. Check the data on the right, and the lender’s website for the most up-to-date details.
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