Car loan interest rates in the U.S. 2019-2023, by type

Published by
Fernando de Querol Cumbrera,
May 25, 2023
As of the first quarter of 2023, 60-month new car loans granted by commercial banks had the highest interest rate in the United States. Meanwhile, auto loans at finance companies had an interest rate of just over six percent, which is lower than the average rate in commercial banks. The finance rates for new cars fell in 2020 and 2021, but they have been rising since 2022.

Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2023, by type

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Release date

May 2023

Region

United States

Survey time period

1st quarter 2019 to 1st quarter 2023

Supplementary notes

The figures for car loans at commercial banks correspond to February (Q1), May (Q2), August (Q3), and November (Q4). Meanwhile, the values for car loans at finance companies correspond to the last month of each quarter.

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