The national average for US auto loan interest rates is 5.27% on 60 month loans. 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.

Auto loan terms can vary from 24 to 72 months. With a shorter term loan, you will have a lower interest rate, but you will also face higher monthly payments. Several factors will determine your auto loan rate, including credit score, loan term, location, and car value and mileage. People with good credit will pay just a bit more, with $3,841 in interest. When the rate jumps to 11.89% for people with fair credit, total interest payments also jump, hitting $9,542. At 18.85%, the average new-car interest rate we found for people with poor credit, the total interest comes to $15,883. At that interest rate, the monthly payments climb to $384. Over the five years of the loan, the interest payments would total a staggering $7,040. The $16,000 used car would cost a deep subprime buyer $23,040 over the term of the loan. Credit unions are the best place to get a low-interest car loan. But most require members to qualify by being part of a workers’ union, military or resident of a certain state. Luckily, you can join CCU by paying a $5 fee and keeping at least that amount in a savings account to get an auto loan rate as low as 2.99%. But before you sign the papers at the dealership, you might want to consider if you can get better interest rates and lower your payment by financing your next car through a bank or credit union. Who Offers a Lower Rate? As a rule, there's no telling whether the dealer will beat your bank's rate, or vice versa. New car (dealer): Example: A 5-year, fixed-rate new car loan for $37,000 would have 60 monthly payments of $ 660 each, at annual percentage rate (APR) of 2.69 %. Used car (dealer): Example: A 5-year, fixed-rate used car loan for $25,000 would have 60 monthly payments of $ 451 each, at an annual percentage rate (APR) of 3.09 %. Refinance:

The maximum interest rate which a credit Please check with your local credit union 

University of Illinois Community Credit Union is the #1 local lender for auto sales. We have the best rates on Get great rates and fast local approval on new or used cars, trucks, motorcycles, and more! Qualified members Interest Rate. Help. The maximum interest rate which a credit Please check with your local credit union  SunTrust New Auto Loans offer competitive interest rates and flexible terms. It's easy to apply and fast to get access to your funds. Credit scores of 719 (for a new car) or 655 (for a used car) or higher will help you qualify for the lowest auto loan interest rates. Even if your credit score is lower, you may still qualify for Auto loan terms can vary from 24 to 72 months. With a shorter term loan, you will have a lower interest rate, but you will also face higher monthly payments. Several factors will determine your auto loan rate, including credit score, loan term, location, and car value and mileage. People with good credit will pay just a bit more, with $3,841 in interest. When the rate jumps to 11.89% for people with fair credit, total interest payments also jump, hitting $9,542. At 18.85%, the average new-car interest rate we found for people with poor credit, the total interest comes to $15,883.

Compare current interest rates on home loans, refinancing, cd rates, savings accounts, credit problems and auto loan rates. Looking for the best and lowest interest rates today? Compare current interest rates on home loans, refinancing, cd rates, savings accounts, credit problems and auto loan rates.

Key Takeaways. Interest rates: As low as 2.99%. Credit requirements: 640 credit score minimum. Many credit unions have membership qualifications,  View and compare auto loan interest rates and the lowest car loans from local lenders at Interest.com. 3 Mar 2020 Getting a great deal on your car loan interest rate is an excellent way to save money. We'll show you the average rates available and some  13 Feb 2020 Local dealerships often work with all credit ranges, but they sometimes inflate the interest rate to make a profit. Dealer financing vs. car loan rates.

Auto Loans. Low rates and flexible terms. Get pre-approved before shopping, so you know your loan amount, interest rate and term. Fast local loan decisions.

The national average for US auto loan interest rates is 5.27% on 60 month loans. 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. The minimum credit score for this lender is 500, which is significantly lower than many others. You should also have an income of at least $2,000 per month to apply. Loan amounts can range from $7,500 to $40,000, so you can get the car you want. Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your Interest rate by loan term. The interest rate you get can also depend on your car’s loan term, though not always. In fact, the average interest rate on both a 48- and 60-month car loan from a commercial bank in the third quarter of 2019 was 5.27%, according to the Federal Reserve. But before you sign the papers at the dealership, you might want to consider if you can get better interest rates and lower your payment by financing your next car through a bank or credit union. Who Offers a Lower Rate? As a rule, there's no telling whether the dealer will beat your bank's rate, or vice versa.

The lowest rate offered by AutoPay is 1.99% but this is only available if you have a top-tier credit score. The average credit score of an AutoPay customer is 706 which receives, on average, a 5.49% interest loan. Knowing your credit score ahead of time makes a big difference in estimating what your APR will be on refinancing a car loan.

The minimum credit score for this lender is 500, which is significantly lower than many others. You should also have an income of at least $2,000 per month to apply. Loan amounts can range from $7,500 to $40,000, so you can get the car you want. Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your Interest rate by loan term. The interest rate you get can also depend on your car’s loan term, though not always. In fact, the average interest rate on both a 48- and 60-month car loan from a commercial bank in the third quarter of 2019 was 5.27%, according to the Federal Reserve. But before you sign the papers at the dealership, you might want to consider if you can get better interest rates and lower your payment by financing your next car through a bank or credit union. Who Offers a Lower Rate? As a rule, there's no telling whether the dealer will beat your bank's rate, or vice versa. In addition, car loan interest rates may be fixed or variable and might come with low introductory offers. As a result, before agreeing to car loan financing, make sure you can afford it even if the current auto loan interest rates rise. Interest rate. The average car loan rate is around 7%. The lowest rates hover around 3%, though these are reserved for individuals with excellent credit and a low debt-to-income ratio. Borrowers with poor credit usually see rates in the double digits. Fees. Some lenders charge an origination fee of 1% to 5% of the loan amount.

At that interest rate, the monthly payments climb to $384. Over the five years of the loan, the interest payments would total a staggering $7,040. The $16,000 used car would cost a deep subprime buyer $23,040 over the term of the loan. Credit unions are the best place to get a low-interest car loan. But most require members to qualify by being part of a workers’ union, military or resident of a certain state. Luckily, you can join CCU by paying a $5 fee and keeping at least that amount in a savings account to get an auto loan rate as low as 2.99%. But before you sign the papers at the dealership, you might want to consider if you can get better interest rates and lower your payment by financing your next car through a bank or credit union. Who Offers a Lower Rate? As a rule, there's no telling whether the dealer will beat your bank's rate, or vice versa.