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 helping readers to navigate the ins and outs of securely borrowing money to buy cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing clear, well-researched details that cut otherwise complicated topics into digestible pieces.
Mar 15, 2023 The Bankrate promise
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The current interest rates for auto loan rate of interest Dates
60-month new car
New car for 48 months
Used car for 48 months
Used for 36 months
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 outlook of 6.44 percent the outlook for auto loan interest rates in 2022 was a challenging year in all facets of American finance. In 2023, it’s evident that the auto industry won’t come out unscathed. Decisions made by the and the remaining supply chain problems all play a part in the amount it will cost to finance your next car. The increase in the Fed rate, which is currently in the range of 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 been since their high in the summer of this year and the rise in interest rates could result in a more expensive experience all-in. But while the federal funds rate can affect lender’s rates, it is not the only consideration. The lenders will also consider your credit score, amount financed and your loan term. With this all in mind, you should think about your next loan with extra consideration. Make sure you apply for and shop multiple lenders.
What is the difference between new or used vehicle interest rates? Car loans that are brand new tend to have lower rates of interest than loans for . The lenders view newer vehicles as less of a risk — they’re less likely to fail and lenders can identify exactly the amount they’ll lose over time. Newer cars also have higher resale values that are more predictable as compared to older models and this predictability will result in a lower rate. Average interest rate by loan type To give an example, below are the rates of interest for used and new vehicles as of Dec. 14, 2022.
Term
New
Useful
36 months
6.06%
6.43%
48 months
6.09%
6.74%
60 months
6.1%
7.86 76% Auto loan rates based on credit scores Credit scores that are higher than 740- what’s considered very good can help you get the best automobile loan rate. However, even when your credit score is lower, you might be able to get a good rate. Here’s a breakdown of the average interest rates based on credit score, according to . Credit score
New cars
Cars that are used
781-850 (super prime)
3.84%
3.69%
661 to 780 (prime)
4.9%
5.47%
601-660 (nonprime)
7.25%
9.81%
Between 501 and 600 (subprime)
10.11%
15.86%
300-500 (deep subprime)
12.93%
19.81 percent Are you 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 are not reviewed or approved by any advertiser. The information, including rates and fees provided in the review is accurate at the time when the review first appeared. Review the data at the top of this page, and the lender’s website for the most recent information.
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