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What is a good auto loan rate? A good auto loan rate is generally any rate below the average for your credit profile. For drivers with excellent credit, the average rates are 5.07 percent for new ...
In 2021, the average car loan rate was 4.09%, while the latest data from 2023 came in at 7.03%, according to consumer credit reporting agency Experian. During that period, the average monthly ...
The average auto loan balance held by consumers in the United States increased 5.2% to $23,792 in 2023, according to Experian data. ... Sharply higher rates for both new and used car loans.
Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
A $25,000 car loan financed over five years at a 4 percent interest rate requires a monthly payment of $460. You can use an auto loan calculator to do the math for your prospective loan.
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