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:
| Credit Score | New Car Interest Rate |
Used Car Interest Rate
|
| 781+ | 5.07% | 7.09% |
| 661-780 | 6.44% | 9.06% |
| 601-660 | 8.99% | 13.49% |
| 501-600 | 11.72% | 18.49% |
| 300-500 | 14.18% | 21.38% |
At Parkway Nissan, we offer competitive financing rates and terms on our great selection of new and used trucks, cars, and SUVs.
Our finance experts are here to guide you through the financing process and help you get into your new vehicle. Contact Parkway Nissan’s finance team today or if you’re ready to start the financing process, you can fill out our secure finance application online.
If you are considering financing a new Nissan, Come see our Finance Department today!
