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Average APR for a used sedan: 10.83% State average APR for a used vehicle: 10.62% Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average auto loan rates.
The average auto loan balance held by consumers in the United States increased 5.2% to $23,792 in 2023, according to Experian data. ... Average new car loans are around 8% APR for a five-year auto ...
Alabama. Average monthly auto loan payment: $674 Check Out: 5 Worst Cars To Buy That Will Kill Your Wealth, According to Humphrey Yang Explore More: These 10 Used Cars Will Last Longer Than an ...
Purchasing a used car is usually cheaper than buying a new one. If you finance the vehicle, you'll generally pay less per month, and it won't depreciate as quickly as a new car fresh off the ...
When you search "average APR for car loan" you'll be met with some statistics, but they mean nothing without an understanding of your own financial situation and how car loans work.
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.