Current Interest Rates
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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 to navigate the ins and outs of securely borrowing money to purchase cars. 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 passionate about helping readers gain the confidence to take control of their finances by providing precise, well-studied details that cut otherwise complicated topics into digestible pieces.
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The current auto loan Interest rates and dates
60-month new car
New car for 48 months
Used car for 48 months
36-month used car
6.44 2023 outlook of 6.44 percent the outlook for auto loan interest rates in 2022 proved to be a complicated year for all aspects of American finance. In 2023, it’s clear the automotive industry will not be spared. The decisions made by the government and the remaining supply chain concerns all play a part in the amount it will cost to finance your new automobile. The higher Fed rate, sitting between 4.5 percent to 4.75 percent after the meeting in February, will indirectly affect the rates you pay. As high as vehicle prices have risen since the peak this past summer, the increase in interest rates will make for a more costly in general. But while the federal funds rate influences the rate of interest charged by lenders, it’s not the only thing to consider. They will also take a look at the credit rating of yours, the amount financed and your loan duration. With this information in mind, consider your next loan with care. Be sure to apply for and shop multiple lenders.
What is the difference between new as well as used cars’ interest rates? Loans for newer cars tend to be lower in interest rates than those for . Lenders see newer cars as less of a risk because they’re less likely to break down and lenders can identify exactly how much they’ll depreciate in the future. Also, newer vehicles have a more predictable resale value as compared to older models which leads to a lower interest rate. Average interest rates based on loan type As an example, here are the rates of interest for new and used vehicles as of Dec. 14 2022.
7.86% auto loan rates by credit score Credit scores of 740 or higher — what’s considered very good and will allow you to qualify for the lowest rate of auto loan interest rates. Even if your credit score is lower, you may be eligible for a reasonable rate. Here’s a breakdown of average interest rates based on credit score according to . Credit score
781-850 (super prime)
501 to 600 (subprime)
300 to 500 (deep subprime)
19.81 percent Are you ready to compare rates from the best lenders? Editorial Disclosure
The reviews are all written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been evaluated or acknowledged by any advertising company. The information such as rates and charges provided in the review is accurate up to the date that the review was written. Check the data on the right as well as the lender’s website for the most up-to-date details.
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