People also ask
What is a good interest rate for a new car loan?
According to the 2022 report from the National Credit Union Administration (NCUA), the average 60-month new car loan from a credit union has an interest rate of 2.78%. From a bank, the average rate is 4.69%. So, if you find these rates or better, you know you鈥檙e getting a fair rate on your car loan. What Is a Good Rate for Used Cars?
What credit score is needed to get the lowest auto loan rates?
Credit scores of 719 (for a new car) or 655 (for a used car) or higher will help you qualify for the lowest auto loan interest rates.
What are the average auto loan rates for fair credit?
Average Auto Loan Rates for Fair Credit. When your credit score is in the 600s, it starts to get expensive to borrow money. We found average loan rates for this credit tier to be more than 7% for buyers of a new car. On the bright side, the rates for car loan refinancing are still relatively low for these borrowers.
What is the average length of a loan for a car?
Loan terms last up to 84 months. What is a good interest rate for a car loan for 72 months? Based on our research, an APR of 3.69% is the average for a 72-month car loan. To access the best auto loan rates, you鈥檒l usually need to agree to a 36-month car loan.