The national average for US auto loan interest rates is 4.21% on 60 month loans.
For individual consumers, however, rates vary based on credit score, term length of the loan, age of the car being financed, and other factors relevant to a lender’s risk in offering a loan.
What is a good interest rate on a car?
The average loan interest rate on a 60-month new car loan is 4.36%. However, borrowers with excellent credit pay a lower rate of around 3.724%. If you have a score lower than 720, you’ll pay an average of 5.098%. The lower credit score can cost you $18 per month and $1,100 in total interest.
What is the current interest rate on used cars?
Get current auto loan rates and choose a loan that’s right for you
|Dates||60-month new car||36-month used car|
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Is 10 percent interest high for a car?
Remember, you have to pay 10% interest on the balance on your loan, so the longer you owe money on your car, the more interest you have to pay. As you can see, the total interest charges you pay on the 60 month loan climb higher than those of the 48 month loan.