The typical interest rate on a new car loan rose to 8.95% in March, up from 5.66% in March 2022, according to Cox Automotive. For used cars, the rate hit 11.3% last month, up from 7.7% the year ...

If you walked into a dealership today, you might face an uncomfortable surprise. Even with excellent credit, car loan interest rates could be higher than many drivers expect right now.

High loan rates mean monthly payments are soaring as well. In March, the average monthly payment for financing a new car hit $730 — the highest on record, according to Edmunds.

The longer the term you have for a car loan, the more you’ll pay in interest. The average term for a new-car loan is currently more than 68 months, according to Experian, and this leaves ...

Car buyers are increasingly choosing extreme ends of the finance spectrum to afford the high prices. Data showed that 12.3% of consumers opted for 36- or 48-month loans and a majority of consumers ...

The Federal Reserve on Wednesday increased its benchmark rate target 0.25 points to 5.25-5.5 percent, a decision that could leave auto dealerships and customers coping with higher interest rates ...

Car loans can be a significant weight on a household’s finances. The average interest rate for a new-vehicle loan was 7.3% in the second quarter of 2024, while the average monthly auto loan ...

Credit scores between 501 and 600 carry a 13.08% average interest rate on a new car loan, while 300 to 500 ratings incur a 15.75% rate. If the average driver pays $2,000 on auto loan interest in a ...

Interest rates are high and could get higher. That means auto loans are expensive. In fact, auto loan interest rates are the highest they’ve been since 2007, when the world was heading into a ...

The average rate on new car loans was 7.1 percent in August, according to Edmunds, a car shopping website, down slightly from 7.4 percent in the same month in 2023 and up from 5.7 percent in 2022.

With the Fed's benchmark holding steady, the average rate on a five-year new car loan was 7.3% in May, near a record high, while the average auto loan rate for used cars was 11%, according to Edmunds.