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Average interest rate for new car loans. Average interest rate for used car loans. 781 to 850. 5.61%. 7.43%. 661 to 780. 6.88%. 9.33%. 601 to 660. 9.29%. 13.53%. 501 to 600. 11.86%....
Now, in 2024, with the Federal Reserve expected to start cutting the federal funds rates (which tends to affect other interest rates, like for car loans) is it a good idea to wait to get a...
According to Experian data, the average rate for someone with excellent credit buying a new car was 5.61 percent in 2023. People with bad credit paid significantly more — with an average ...
Borrowers with stronger credit may see more competitive rates, but the Fed's decision will continue to make auto loans expensive, even if vehicle prices decline. The average car loan hasn't been this pricey since 2008. McBride predicts five-year new car loan rates will reach an average of 7.0% and four-year used car loans, 7.5% by the end of 2024.
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
Dealerships are sitting on a glut of 2023 vehicles, leading to steeper discounts and lower interest rates than usual, the auto research firm Edmunds said Wednesday.
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