As of October 2023, the average auto loan interest rates across all credit profiles range from 5.07% to 14.18% for new cars and 7.09% to 21.38% for used cars. However, the interest rate you receive is based on several factors, such as your credit score, income, credit history, and the type of auto loan youre looking for. According to Experian’s most recent State of the Automotive Finance Market report, the average auto loan interest rates across all credit scores are 6.63% for new cars and 11.38% for used cars. The credit band your score falls into is among the most influential factors in determining the interest rate youll receive. When shopping for an auto loan, its important to compare APRs across multiple lenders to make sure youre getting a competitive rate. Below are some examples of current auto loan rates:

• Bank of America: APR of 6.49% for a 5-year, fixed-rate new car loan.
• Navy Federal Credit Union: Rates range from 4.54% to 6.94% for new car loans and 5.44% to 5.84% for used car loans.
• Delta Community Credit Union: Rates as low as 5.09% APR for new and used car loans for well-qualified borrowers with excellent credit.

Its worth noting that auto loan interest rates can be affected by the monetary policies in each state, which are subject to change.