Average Car Loan Interest Rate By Credit Score

All the calculation and examples below are just an estimation.

Average car loan interest rate by credit score. In the first quarter of 2020 the average auto loan rate for a new car was 5 61 while the typical used car loan carried an interest rate of 9 65 according to experian s state of the automotive. Now let s look at the average used car loan rates based on fico scores. Ideally you want to apply for a car loan when your fico score is high. Average auto loan rates by credit score.

Fico s auto scores range from 250 to 900 and they specifically reflect your creditworthiness for auto loans. Lenders consider people with a score in the range of 700 to 749 to be a fairly low risk. Historical auto loan rates. The national average for us auto loan interest rates is 5 27 on 60 month loans.

About 90 of car loan lenders use fico s auto score credit expert gerri detweiler told grow last year. The better your auto score the more likely you are to get a lower interest rate on a car loan. For individual consumers however rates vary based on credit score term length of the loan age of the car being financed and other factors relevant to a lender s risk in offering a loan. Average auto loan rates for fair credit.

You ll notice that there is a lot of real estate between the lowest rate and the highest one.