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Written by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to buy an automobile. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to control their finances with clear, well-researched details that cut complicated subjects into bite-sized pieces.

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The current interest rates for auto loan Interest rates and dates

60-month new car

48-month new car

Used car for 48 months

Used for 36 months

3/15/2023

6.48%

6.44%

7.02%

6.73%

3/8/2023

6.30%

6.27%

6.90%

6.58%

3/1/2023

6.30%

6.27%

6.90%

6.58%

2/22/2023

6.27%

6.25%

6.88%

6.55%

2/15/2023

6.27%

6.25%

6.88%

6.54%

2/8/2023

6.26%

6.23%

6.86%

6.52%

2/1/2023

6.19%

6.16%

6.83%

6.49%

1/25/2023

6.18%

6.17%

6.83%

6.49%

1/18/2023

6.17%

6.16%

6.8%

6.47%

1/11/2023

6.17%

6.15%

6.8%

6.47%

1/4/2023

6.26%

6.25%

7.03%

6.66%

12/28/2022

6.13%

6.12%

6.77%

6.44%

12/21/2022

6.13%

6.12%

6.76%

6.44 2023 forecast for the outlook for auto loan interest rates for 2022 proved to be a difficult year for all aspects of American finance. Now, in 2023, it’s evident that the auto industry isn’t going to be spared. The decisions of the board and other supply chain problems all play a part in the amount it will cost you to finance your next vehicle. The increased Fed rate, which is currently at 4.5 percent and rising to 4.75 percent after the February meeting and will impact your rates. As high as vehicle prices have been since their peak this past summer, the increase in interest rates will still cause a more costly experience in general. But while the federal funds rate influences the rate of interest charged by lenders, it’s not the only thing to consider. They will also take a look at your score on credit, amount you are able to finance and the loan time. With all of this in mind, you should think about the next loan with consideration. You should make an application and compare lenders.

What’s the difference between new and used car interest rates? The loans for cars that are newer generally have lower interest rates than loans for . They see the newer models as less risky as they are less likely to fail and lenders can determine the extent to which they’ll appreciate in the future. Newer cars also have greater predictability in resales than older vehicles and this predictability results in a lower interest rate. Average interest rates by loan type To give an example, below are the interest rates for new and used automobiles at the time of December. 14, 2022.

The Term

New

Utilized

36 months

6.06%

6.43%

48 months

6.09%

6.74%

60 months

6.1%

7.86 76% Auto loan rates based on credit scores Credit scores that are higher than 740- what’s considered very good — will help you get the best auto loan cost. However, even when your credit score is lower, you might be eligible for a reasonable rate. Here’s a breakdown of the average interest rates by credit score, according to . Credit score

New automobiles

Used cars

781 to 850 (super prime)

3.84%

3.69%

661-780 (prime)

4.9%

5.47%

601-660 (nonprime)

7.25%

9.81%

Between 501 and 600 (subprime)

10.11%

15.86%

300-500 (deep subprime)

12.93%

19.81 percent Are you ready to compare rates with the top lenders? Editorial Disclosure

The reviews are all written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or accepted by any advertising company. The information that is included, including rates and fees provided in the review is correct up to the date when the review first appeared. Look over the information on the right and the lender’s website for the most recent information.

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