Current Interest Rates
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Authored by 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 ways and pitfalls of borrowing money to buy an automobile. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down otherwise complicated subjects into bite-sized pieces.
15 March 2023 The Bankrate promise
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The current interest rates for auto loan interest rates Dates
60-month new car
New car with 48-month warranty
Used for 48-months
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 for the outlook for auto loan interest rates for 2022 proved to be a complicated year in every aspect of American finance. And now, in 2023, it's evident that the auto industry isn't going to get away without a scratch. The decisions made by the government and the remaining supply chain concerns all have an impact on how much it's likely to cost you to finance your next car. The increase in the Fed rate, currently between 4.5 per cent to 4.75 percent after the February meeting which will affect your rates. So even as sky-high vehicle prices have since its high in the summer of this year and the rise in interest rates could make for a more costly all-in. While the federal funds rate influences the rates of lenders, it's not the only thing to consider. Lenders will also look at your credit score, the amount financed and your loan term. With this information in mind, you should think about your next loan with attention. Make sure you make an application and compare lenders.
What's the difference between brand new as well as used cars' interest rates? Car loans that are brand new tend to have lower rates of interest than loans for older cars . Lenders see newer cars as less risky as they are less likely to break down and lenders can determine the amount they'll lose over time. Newer cars also have higher resale values that are more predictable than older vehicles and this predictability will result in a lower rate. Average interest rate by loan type For an example, below are the interest rates for both used and new cars in 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 scores Scores that are higher than 740which is considered to be very good -- will help you qualify for the lowest rate of auto loan rate. Even if your credit score is lower, you might be eligible for a reasonable rate. Here's a breakdown of average interest rates by credit score, according to . 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%
From 501 to 600 (subprime)
10.11%
15.86%
300 to 500 (deep subprime)
12.93%
19.81 percent Ready to compare rates from top lenders? Editorial Disclosure
All reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer and have not been evaluated or approved by any advertiser. The information such as rates and charges provided in the review is accurate as of the date when the review first appeared. Look over the information on the right as well as the lender's website to find the most recent information.

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