Average Car Loan Rates

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Average car loan rates. The national average for us auto loan interest rates is 527 on 60 month loans. Getting a shorter 36 month loan could save you close to a full percentage point on your apr compared to a 60 month loan. Average used car loan rates based on fico score. Typical car loans last 36 48 or 60 months in duration.

Typically the annual percentage rate apr for auto loans ranges from 3 to 10. When the rate jumps to 1083 for people. Youll notice that there is a lot of real estate between the lowest rate and the highest one. On average the interest rates for used car loans tend to be a little higher than the average for new.

Ideally you want to apply for a car loan when your fico score is high. Well use a loan term of five years and a new car loan amount of 28800 which is the amount left to finance after a 20 down payment on the average price of a new car at 36000. Loan duration however does have a measurable impact on auto loan interest rates. They can expect lower than average interest rates from banks credit unions and other financial.

The shorter the loan the lower your apr will be. Using the average interest rate for people with top notch credit 568 that works out to 4230 in interest payments. People with good credit will pay a similar amount. Borrowers with credit scores between 700 and 749 may have a ding or two on their credit reports but lenders still consider them to be pretty low risk.

Average used auto loan rate for good credit. According to experian the average car loan is just under 32000 with most people choosing a 60 or 72 month auto loan term.