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As with other types of loans, the overall cost of a car loan comes down to one major factor: the annual percentage rate. The APR includes both interest and lender fees, expressed as a percentage.
Average auto loan rate: 6.41%. Average auto loan total cost: $47,102. Average auto loan monthly cost: $742. New Electric Vehicle. Average auto loan rate: 3.52%. Average auto loan total cost ...
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
Average APR for a used SUV: 11.00%. Average APR for a used truck: 10.50%. Average APR for a used electric vehicle: 14.13%. Average APR for a used sedan: 12.16%. State average APR for a used ...
According to the consumer financial website NerdWallet, the average auto-loan interest rate in the third quarter of 2023 was 7 percent for new cars and 11 percent for used cars.
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".