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A good auto loan rate is generally any rate below the average for your credit profile. For drivers with excellent credit, the average rates are 5.07 percent for new cars and 7.09 percent for...
Average outstanding auto loan debt balances increased by 5.2% to $23,792 from Q3 2022 to Q3 2023—less than the 7.7% increase from 2021 to 2022, but still more than overall inflation, which was ...
Average auto loan rates on new cars dropped from 9.73% to 9.6% in March, according to Cox Automotive, the Atlanta auto data company that owns Autotrader and Kelley Blue Book.
If you're buying a car, learn how to get the best car loan, review where you can get an auto loan, and discover what a good interest rate looks like in 2022.
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). [2] Roughly 30% of new vehicles during the same time period were leased. [2] There are two primary methods of borrowing money to buy a car: direct and indirect.
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In 2021, the average car loan rate was 4.09%, while the latest data from 2023 came in at 7.03%, according to consumer credit reporting agency Experian.
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