The average auto loan interest rate is 3.64% for new cars and 5.35% for used cars, according to Experian's State of the Automotive Finance Market report for the third quarter of 2021. With a credit score above 780, you'll have the best shot to get a rate below 3% for new cars.
What is a good interest rate for a car 2021?
Loan term Average interest rate
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72-month new car loan 3.96% APR
What is considered a good interest rate when buying a car?
Although there's always going to be some wiggle room, the average used car loan interest rates are as follows: Excellent Credit (750 or Higher) 5.1% APR. Good Credit (700 to 749) 4.91% APR. Average Credit (600 to 699) 5.89% APR.
Will car interest rates stay low?
Drivers who are looking to finance a new or used vehicle in the coming year can expect a gradual increase in interest rates, but average rates are still expected to remain below 5 percent.Jan 3, 2022