Current Interest Rates
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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 ways and pitfalls of borrowing money to purchase an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing precise, well-studied details that cut complex topics into manageable bites.
15 March 2023 The Bankrate promise
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Current auto loan interest rates Dates
60-month new car
New car with 48-month warranty
Used car for 48 months
Used 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 the outlook for auto loan interest rates in 2022 proved to be a complicated year in every aspect of American finance. And now, in 2023, it’s clear the auto industry isn’t going to be spared. Decisions made by the and the other supply chain issues all play a part in how much it’s going to cost to finance your new car. The increase in the Fed rate, currently in the range of 4.5 per cent to 4.75 percent after the February meeting, will indirectly affect the rates you pay. Even if the skyrocketing car prices have risen since the high in the summer of this year however, the rise in interest rates could cause a more costly overall. But while Federal funds rates influences the rates of lenders, it’s not the only thing to consider. Lenders will also look at the credit rating of yours, the amount you are able to finance and the loan term. With all of this in mind, consider your next loan with extra attention. Be sure to make an application and compare 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 loans for . The lenders view newer vehicles as less risky — they’re less likely to break down and lenders are able to determine the amount they’ll lose over time. The newer models also have a greater predictability in resales as compared to older models which results in a lower interest rate. Average interest rates based on loan type For an example, below are the rates of interest for used and new automobiles in December. 14, 2022.
Terms
New
Useful
36 months
6.06%
6.43%
48 months
6.09%
6.74%
60 months
6.1%
7.86 76% Auto loan rates by credit score A credit score that are 740 or morean amount that is considered to be excellent and will allow you to qualify for the lowest auto loan rate. However, even the credit score of yours is lower, you may still qualify for a decent rate. Here’s a look at 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%
501 to 600 (subprime)
10.11%
15.86%
300-500 (deep subprime)
12.93%
19.81 percent Ready to compare rates from the best lenders? Editorial Disclosure
The reviews are all written by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been evaluated or acknowledged by any advertising company. The information that is included, including rates and fees provided in the review are accurate as of the date that the review was written. Review the data in the upper right hand corner of the page as well as the lender’s website for the most current details.
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