The interest rates for car loans can vary depending on several factors, including your credit score, the type of car (new or used), the loan term, and the lender. Here are some average interest rates for car loans based on the search results:
- The average auto loan interest rates across all credit profiles range from 5.07% to 14.18% for new cars and 7.09% to 21.38% for used cars.
- The overall average auto loan interest rate was 6.58% for new cars and 11.17% for used cars in the first quarter of 2023.
- In June 2023, the average car loan interest rate was 7.1% APR for new cars.
- As of June 28, 2023, the average APRs according to a Bankrate study are 7.08% for a 36-month term, 7.11% for a 48-month term, and 7.14% for a 60-month term for new cars. For used cars, the rates are 7.57% for a 36-month term, 7.68% for a 48-month term, and 8.43% for a 60-month term.
- The average interest rates by credit score for new car loans are 3.84% for 781 to 850, 4.9% for 661 to 780, 7.25% for 601 to 660, and 10.11% for 501 to 600.
- The average interest rates by credit score for used car loans are 3.69% for 781 to 850, 5.47% for 661 to 780, 9.81% for 601 to 660, and 15.86% for 501 to 600.
To get the best interest rate on a car loan, its important to shop around, improve your credit score if needed, and consider factors such as the loan term and the type of car you're financing.
