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Current Rates of Interest

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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 details of taking out loans to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-researched and well-sourced details that cut otherwise complicated topics into digestible pieces.

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Present interest rates for auto loan Interest rates and 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 automotive loan interest rates 2022 was a challenging year in every aspect of American finance. In 2023, it’s clear the auto industry won’t get away without a scratch. The decisions of the board and other supply chain issues all play a part in how much it’s going to cost to finance your next automobile. The increased Fed rate, sitting at 4.5 percent and rising to 4.75 percent following the meeting in February and will impact the rates you pay. Even if the skyrocketing car prices have risen since the peak this past summer, the increase in interest rates will result in a more expensive in general. But while Federal funds rates can affect the rates of lenders, it’s not the only thing to consider. The lenders will also consider the credit rating of yours, the amount of money financed as well as your loan time. With this all in mind, think about your next loan with extra care. You should make an application and compare lenders.

What is the difference between new as well as used cars’ interest rates? The loans for cars that are newer typically have lower interest rates than loans for older cars . Lenders see newer cars as less risky — they’re less likely to break down and lenders can identify exactly how much they’ll depreciate over time. Also, newer vehicles have a higher resale values that are more predictable as compared to older models which leads to a lower interest rate. Average interest rates based on loan type To give an example, below are the interest rates for both used and new cars at the time of December. 14 2022.

Term

New

Utilized

36 months

6.06%

6.43%

48 months

6.09%

6.74%

60 months

6.1%

7.86 76% Auto loan rates based on credit scores Scores of 740 or higher — what’s considered very good can help you be eligible for the lowest rate of auto loan cost. However, even when your credit score is lower, you may be able to get a good rate. Here’s a breakdown of the average interest rates for credit scores in accordance with . Credit score

New cars

Cars that are used

781-850 (super prime)

3.84%

3.69%

661 to 780 (prime)

4.9%

5.47%

601 to 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 Are you ready to compare rates from the best lenders? Editorial Disclosure

The reviews are all written by Bankrate.com staff. Opinions expressed therein are solely those 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 correct as of the date of the review. Review the data at the top of this page, and the lender’s site for the most up-to-date information.

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