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Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
The average auto loan balance held by consumers in the United States increased 5.2% to $23,792 in 2023, according to Experian data. As in 2022, this increase was broadly based, impacting all U.S ...
Credit score. Average interest rate for new car loans. Average interest rate for used car loans. 781 to 850. 5.61%. 7.43%. 661 to 780. 6.88%. 9.33%. 601 to 660
According to Experian data, the average rate for someone with excellent credit buying a new car was 5.61 percent in 2023. People with bad credit paid significantly more — with an average ...
Car purchases. The most common method of buying a car in the United States is borrowing the money and then paying it off in installments. Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). [2] Roughly 30% of new vehicles during the same time period were leased.
According to the National Credit Union Administration, here are the national average auto loan interest rates at banks as of June 2022: 36-month used car loan: 5.08 percent 48-month used car loan ...
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