Average Car Loan Interest Rates By Credit Score

Key takeaways

• The average auto loan interest rate for new cars at the end of 2023 was 7.18 percent, while used cars had an average rate of 11.93 percent.
• Your credit score plays a significant role in determining your interest rate, but other factors such as the lender, amount borrowed, length of the loan and economic conditions also play a role.
• The best way to secure a competitive interest rate on your auto loan is to shop around and work to improve your credit…