Average Interest Rates for Car Loans by Credit Score

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Average Car Loan Interest Rates by Credit Score
The median automobile loan rate is 5.16% for new cars and 9.34% for used cars, but shop around to get the most competitive rate.
By Shannon Bradley Lead Writer | Personal finance, car buying, loans Shannon Bradley covers auto loans for NerdWallet. While attending college to earn the degree of a journalist, Shannon completed an internship that did not lead to the newsroom instead, to a bank's marketing department. She spent the next 30-plus years as a writer and content manager in the financial services industry writing educational content that covered a wide variety of business and personal financial topics. After being a NerdWallet reader for many years, Shannon welcomed the opportunity to become a NerdWallet writer and assist more people in financial decisions. Shannon is located at Newburgh, Indiana.





Dec 7, 2022


Edited by Des Toups Lead Assigning Editor | Student loans repayment of college debt, paying for college Des Toups leads the student loans and auto loans teams at NerdWallet; before that, he was the head of the personal loans and consumer finance teams. He has also led the editorial teams on CarInsurance.com, Insurance.com and MSN.com as well as 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, average car loan interest rates according to credit score can give you an idea of the rate you can anticipate from a lender.
The auto loan rates are provided as an annual percentage rate or APR. They are determined by a variety of factors like the amount of your earnings and how much debt you have, along with the credit score.
However, you're likely to be the biggest factor in determining the rate you'll receive. The lower your car loan interest rate is likely to be, because lenders perceive 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 for used cars,



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 median car loan rates of interest are 5.16 percent for new vehicles and 9.34 percent for used vehicles as per 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 stand a good chance to secure a rate lower than 4% for new vehicles. In the event that your credit rating is less than 501, you could anticipate a rate of more than 10% for 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%

Est. APR 5.49-17.54%

Est. APR 3.69-21.00%

The loan amount is $5,000 to $100,000.

Amount of loan $7,500-No maximum.

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






>> MORE:
How to use average automobile loan interest rates
If you know your average vehicle loan interest rate you may be eligible for, you are able to use our to estimate the monthly cost for different loan terms.
You won't know your actual rate until you apply for a car loan and get offers from lenders but you'll get an notion of the cost. You can expect to pay higher interest rates for long-term loans than short ones. To make sure you receive the best rate possible take rates from a variety of lenders and then compare.
If you've already financed an automobile and the rate is more than the median rate for your credit score, you may be able refinance to a lower rate -- as well as a smaller monthly amount of. You can apply to a variety of lenders to determine the rates offered.


The author's bio: Shannon Bradley covers auto loans for NerdWallet. She worked for nearly 30 years working in banking as a writer of financial education content.







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