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 specializes in helping readers to navigate the ways and pitfalls of borrowing money to purchase a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
15 March 2023 Bankrate promise
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Present interest rates for auto loan Interest rates and dates
60-month new car
48-month new car
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 outlook of 6.44 percent auto loan interest rates 2022 proved to be a difficult year in all facets of American finance. In 2023, it’s clear the auto industry isn’t going to come out unscathed. Decisions made by the and the other supply chain issues all impact the amount it will cost you to finance your next vehicle. The increase in the Fed rate, sitting between 4.5 percent to 4.75 percent after the meeting in February, will indirectly affect your rates. As high as vehicle prices have risen since the peak this past summer, the increase in interest rates could result in a more expensive in general. But while it is true that the Federal Funds Rate affects the rates of lenders, it’s not the only consideration. They will also take a look at the credit rating of yours, amount of money financed as well as your loan time. With this all in mind, think about your next loan with consideration. You should look around and apply to multiple lenders.
What’s the difference between new and used car interest rates? Car loans that are brand new typically have lower interest rates than those for . Lenders see newer cars as less of a risk as they are less likely to break down and lenders can identify exactly the extent to which they’ll appreciate over time. Newer cars also have greater predictability in resales as compared to older models, and that predictability results in a lower interest rate. Average interest rate by loan type As an example, here are the interest rates for used and new automobiles as of Dec. 14, 2022.
Terms
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 be eligible for the lowest rate of auto loan interest rates. But even when your credit score is lower, you may be able to get a good rate. Here’s a look at the average interest rates by credit score in accordance with . Credit score
New cars
Cars that are used
781-850 (super prime)
3.84%
3.69%
661-780 (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% Ready to compare rates with the top lenders? Editorial Disclosure
The reviews are all written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is accurate at the time of the review. Review the data at the top of this page as well as the lender’s site for the most up-to-date details.
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