Current Rates of Interest
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Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in helping readers with the ways and pitfalls of taking out loans to buy an automobile. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances by providing clear, well-researched facts that break down complicated topics into digestible pieces.
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Present rates of auto loan rate of interest Dates
60-month new car
48-month new car
Used 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 outlook for the outlook for auto loan interest rates for 2022 proved to be a difficult year for all aspects of American finance. In 2023, it’s clear the auto industry isn’t going to be spared. The decisions of the board and the remaining supply chain issues all have an impact on how much it’s going to cost to finance your next automobile. The higher Fed rate, which is currently at 4.5 per cent to 4.75 percent following the meeting in February which will affect the cost of financing. Even if the skyrocketing car prices have risen since the high in the summer of this year however, the rise in interest rates will still cause a more costly all-in. However, while Federal funds rates affects lender’s rates, it is not the only thing to consider. Lenders will also look at your score on credit, amount of money financed as well as your loan time. With this all in mind, think about the next loan with care. Be sure to look around and apply to multiple lenders.
What’s the difference between brand new as well as used cars’ interest rates? The loans for cars that are newer generally have lower rates of interest than those for . Lenders see newer cars as less risky because they’re less likely to fail and lenders can identify exactly the extent to which they’ll appreciate over time. Newer cars also have higher resale values that are more predictable as compared to older models and this predictability results in a lower interest rate. Average interest rates based on loan type To give an example, here are the rates of interest for both used and new automobiles as of Dec. 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 score A credit score of 740 or higher -an amount that is considered to be excellent — will help you qualify for the lowest rate of auto loan cost. Even the credit score of yours is lower, you may still qualify for a decent rate. Here’s a breakdown of average interest rates by credit score according to . Credit score
New automobiles
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 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 reviewed or accepted by any advertising company. The information, including rates and fees, presented in the review are accurate as of the date when the review first appeared. Check the data at the top of this page, and the lender’s site for the most current details.
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