Average Car Loan Interest Rate August 2024. As an example, here are the interest rates for new and used cars as of april 24, 2024, according to data gathered by bankrate. Average car payments to financing by credit score.
The average new car interest rate is now 9.95%. Auto loan rates typically range from 3% to 20%, which is lower than other loan types, such as personal loans, which can reach up to 36%.
How Car Loan Interest Rates In Canada Have Changed Recently.
The average auto loan interest rates across all credit profiles range from 5.64% to 14.78% for new cars and 7.66% to 21.55% for used cars.
One Year Ago, This Figure Stood At 7%.
The latest consumer price index (cpi) report for march has thrown cold water on any hopes of a decrease in car loan interest rates for the remainder of 2024.
Average Interest Rate For New Car Loans Average Interest Rate For Used Car Loans;
Images References :
Auto Loan Rates Typically Range From 3% To 20%, Which Is Lower Than Other Loan Types, Such As Personal Loans, Which Can Reach Up To 36%.
The average auto loan interest rates across all credit profiles range from 5.64% to 14.78% for new cars and 7.66% to 21.55% for used cars.
In Fact, Six Of Our 10 Best Lenders For Auto Loans Are Credit Unions.
Auto loan rates saw a relatively steady decline from 2006 to 2009, falling from a high of 7.82% in august 2006 to 6.59% in november 2009.
Auto Loan Interest Rates Vary Depending On Your Credit Score.