Current Rates of Interest
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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 in navigating the ins and outs of securely borrowing money to purchase cars. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into bite-sized pieces.
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The current interest rates for auto loan interest rates Dates
60-month new car
New car for 48 months
48-month used car
Used car 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 forecast for auto loan interest rates 2022 proved to be a difficult year for all aspects of American finance. In 2023, it’s evident that the auto industry won’t get away without a scratch. The decisions of the board and other supply chain issues all impact how much it’s going to cost to finance your new automobile. The increase in the Fed rate, which is currently in the range of 4.5 per cent to 4.75 percent after the meeting in February which will affect the cost of financing. So even as sky-high vehicle prices have been since their peak this past summer, the increase in interest rates will still cause a more costly experience in general. While Federal funds rates affects the rates of lenders, it’s not the only factor. The lenders will also consider your credit score, the amount you are able to finance and the loan term. With this information in mind, you should think about taking your next loan with extra consideration. Be sure to look around and apply to multiple lenders.
What’s the difference between brand new or used vehicle interest rates? Car loans that are brand new typically have lower rates of interest than loans for older cars . Lenders see newer cars as less risky because they’re less likely to fail and lenders are able to determine how much they’ll depreciate over time. The newer models also have a more predictable resale value as compared to older models and this predictability results in a lower interest rate. Average interest rates based on loan type To give an example, here are the interest rates for new and used automobiles at the time of December. 14 2022.
The Term
New
Utilized
36 months
6.06%
6.43%
48 months
6.09%
6.74%
60 months
6.1%
7.86% auto loan rates based on credit score Scores of 740 or higher -an amount that is considered to be excellent — will help you qualify for the lowest auto loan rate. However, even when your credit score is lower, you may still qualify for a decent rate. Here’s a breakdown of average interest rates by credit score in accordance with . Credit score
New cars
Used cars
781 to 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 to 500 (deep subprime)
12.93%
19.81 percent Are you ready to compare rates from the best lenders? Editorial Disclosure
All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been evaluated or approved by any advertising company. The information that is included, including rates and fees provided in the review is accurate as of the date of the review. Look over the information on the right and the lender’s site for the most current details.
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