The Average Auto Loan Interest Rate
The average auto loan interest rate in October 2023 is 9.00%. This is according to MarketWatch, which surveys top banks across U.S. markets and crunches the numbers to find average interest rates for common loans.
However, it is important to note that interest rates can vary depending on a number of factors, including your credit score, the type of car you are buying, and the length of your loan term. For example, borrowers with excellent credit scores will typically qualify for lower interest rates than borrowers with poor credit scores. Similarly, new cars typically have lower interest rates than used cars, and shorter loan terms typically have lower interest rates than longer loan terms.
Here is a table of average auto loan interest rates by credit score, according to Bankrate:
|New Car Interest Rate
Used Car Interest Rate
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