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 assisting readers in navigating the ins and outs of securely borrowing money to buy cars. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to manage their finances by providing precise, well-studied facts that break down otherwise complex topics into manageable bites.
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The current auto loan interest rates Dates
60-month new car
New car for 48 months
Used for 48-months
36-month used car
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 proved to be a complicated year in all facets of American finance. Now, in 2023, it’s evident that the auto industry won’t get away without a scratch. The decisions of the board and the other supply chain concerns all play a part in the amount it will cost to finance your next car. The increase in the Fed rate, which is currently between 4.5 per cent to 4.75 percent after the meeting in February and will impact your rates. Even if the skyrocketing car prices have risen since the highest point in summer and the rise in interest rates will cause a more costly in general. While it is true that the Federal Funds Rate affects the rates of lenders, it’s not the only factor. The lenders will also consider your score on credit, the amount financed and your loan term. With this information in mind, think about your next loan with care. Be sure to apply for and shop multiple lenders.
What is the difference between new and used car interest rates? Car loans that are brand new tend to have lower rates of interest than loans for . They see the newer models as less of a risk because they’re less likely to break down and lenders can determine the amount they’ll lose over time. The newer models also have a greater predictability in resales than older vehicles which results in a lower interest rate. Average interest rate by loan type For an example, below are the rates of interest for used and new vehicles in December. 14, 2022.
Terms
New
Used
36 months
6.06%
6.43%
48 months
6.09%
6.74%
60 months
6.1%
7.86% Auto loan rates based on credit scores A credit score that are 740 or morean amount that is considered to be excellent — will help you get the best rate of auto loan rate. However, even when your credit score isn’t as high, you could be eligible for a reasonable rate. Here’s a breakdown of the average interest rates based on credit score according to . Credit score
New automobiles
Cars that are used
781-850 (super prime)
3.84%
3.69%
661-780 (prime)
4.9%
5.47%
601 to 660 (nonprime)
7.25%
9.81%
From 501 to 600 (subprime)
10.11%
15.86%
300-500 (deep subprime)
12.93%
19.81% Ready to compare rates with the top lenders? Editorial Disclosure
All reviews are written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and are not reviewed or accepted by any advertiser. The information, including rates and fees that are included in the review is correct at the time that the review was written. Check the data at the top of this page and the lender’s website to find the most recent details.
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