Average Car Loan Interest Rates by Credit Score

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Average Interest Rates on Car Loans by Credit Score
The median automobile loan rate is 5.16% for new cars and 9.34 percent for used vehicles, but you can shop around to find the best deal.
by Shannon Bradley Lead Writer | Personal finance, car buying, loans Shannon Bradley covers auto loans for NerdWallet. While in college to earn a journalism degree, Shannon completed an internship that led not to the newsroom, but to a bank marketing department. She worked for the next 30+ years as a writer and content manager in the field of financial services writing educational content that covered a wide variety of business and personal financial topics. After having been a reader of NerdWallet for several years, Shannon welcomed the opportunity to join the NerdWallet team as a writer and help others with financial decision-making. Shannon is located at Newburgh, Indiana.





Dec 7, 2022


Editor: Des Toups Lead Assigning Editor | Student loans repayment of college debt, paying for tuition costs for college Des Toups leads the student loans and auto loans teams at NerdWallet; before that, he was the head of NerdWallet's private loans as well as consumer finance departments. He also managed editorial teams for CarInsurance.com, Insurance.com and MSN.com and worked as an editor as well as a reporter at The Seattle Times, Anchorage Daily News, Albuquerque Journal, Colorado Springs Gazette-Telegraph and Biloxi Sun Herald.







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If you're shopping for a brand new or previously owned vehicle, the average car loan interest rates according to credit score could give you an idea of what rate you can expect from a loan.
Automobile loan rates are given as an annual percentage, or APR, and are determined by a variety of factors, such as your income and debt, and also the credit score.
But you'll be the biggest factor in determining the rate you'll receive. The lower your auto loan interest rate is likely to be because lenders view that you are less likely to be in default on the loan.
Average car loan interest rates
Credit score



APR average, brand new car



Average APR Used car



Superprime: 781-850.


3.84%.


3.69%.


Prime: 661-780.


4.90%.


5.47%.


Nonprime: 601-660.


7.25%.


9.81%.


Subprime: 501-600.


10.11%.


15.86%.


Deep subprime: 300-500.


12.93%.


19.81%.


Source: Experian Information Solutions.








The average car loan rates of interest are 5.16 percent for brand new cars and 9.34 percent for used vehicles According to Experian's State of the Automotive Finance Market report for the third quarter of 2022.
If you have a credit score of 780, you'll be able to get a rate below 4 percent for brand new vehicles. If your credit score is lower than 501, you can expect a rate above 10% on new cars.
Find preapproved deals
Min. credit score of 660

Min. credit score of 620

Min. credit score 575

Est. APR 6.49-14.24 percent

Est. APR 5.49-17.54 Percentage

Est. APR 3.69-21.00 Percentage

Amount of loan: $5,000-$100,000.

Amount of loan $7,500-No maximum.

Amount of loan $8,000-$100,000.






>> MORE:
How do you make use of the an average car loan interest rates
After you have figured out what average loan interest rate you may qualify for, you can calculate the monthly payments for various loan terms.
It's impossible to know the exact price until the time you request an auto loan and receive lender offers, but you'll have a general notion of the cost. You'll pay higher interest rates for long-term loans than those with shorter terms. To ensure you get the most competitive rate, get rates from multiple lenders and then compare.
If you've already borrowed money for an automobile and the rate is greater than the average rate listed on your credit report, then you might be able to refinance it for lower interest -- and with a lower monthly payment. Contact several lenders to find out the rates you're offered.


About the author: Shannon Bradley covers auto loans for NerdWallet. She spent over 30 years in banking as a journalist for financial educational content.







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