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Credit score. Average interest rate for new car loans. Average interest rate for used car loans. 781 to 850. 5.61%. 7.43%. 661 to 780. 6.88%. 9.33%. 601 to 660
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 average interest rate on a subprime used car loan during the third quarter of 2023 was 18.39 percent, according to Experian data. The interest rate on a prime used car loan, by comparison, was ...
The average interest rate on a subprime car loan during the first quarter of 2024 was 18.97 percent for used cars and ... That’s lower than the average super prime rate for a used car loan ...
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum ). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed.
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".
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