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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 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.
For example, an Experian study found that in the second quarter of 2024, the average APR for an auto loan borrower with a credit score of 781 to 850 was 5.25% for a new car. In contrast, borrowers ...
What is a bad APR for a car loan? New auto loans had an average rate of 7.03 percent in the third quarter of 2023, according to data from Experian. People with excellent credit qualified for rates ...
The term annual percentage rate of charge (APR), [1] [2] corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), [3] is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, [4] etc. It is a finance charge expressed as an annual rate.
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 ...
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