Average Car Loan Rates
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According to experian the average car loan is just under 32000 with most people choosing a 60 or 72 month auto loan term.
Average car loan rates. To finance that amount and with those terms lightstream currently. People with good credit will pay a similar amount. When the rate jumps to 1083 for people. Average used car loan rates based on fico score.
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. 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.
Loan duration however does have a measurable impact on auto loan interest rates. Now lets look at the average used car loan rates based on fico scores. 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. You can see these offers on our used car deals page.
Using the average interest rate for people with top notch credit 568 that works out to 4230 in interest payments. 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 lenders risk in offering a loan. 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. Youll notice that there is a lot of real estate between the lowest rate and the highest one.
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 auto loan rate for good credit.
