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Recent Auto Loan Rates
We publish an auto lender review guide to help buyers see current rates from top nationwide lenders.
For your convenience, here is data on what rates looked like across Q1 of 2023 after the Federal Reserve likely completed most of the current hiking cycle.
| Borrower | Credit Score | New | Used |
|---|---|---|---|
| Super Prime | 781 - 850 | 5.18% | 6.79% |
| Prime | 661 - 780 | 6.40% | 8.75% |
| Nonprime | 601 - 660 | 8.86% | 13.28% |
| Subprime | 501 - 600 | 11.53% | 18.55% |
| Deep Subprime | 300 - 500 | 14.08% | 21.32% |
Source: Experian 2023 Q1 data
Here were what rates looked like in Q2 of 2022.
| Borrower | Credit Score | New | Used |
|---|---|---|---|
| Super Prime | 781 - 850 | 2.96% | 3.68% |
| Prime | 661 - 780 | 4.03% | 5.53% |
| Nonprime | 601 - 660 | 6.57% | 10.33% |
| Subprime | 501 - 600 | 9.75% | 16.85% |
| Deep Subprime | 300 - 500 | 12.84% | 20.43% |
Source: Experian 2022 Q2 data, published in August of 2022
For historical comparison, here is what the data looked like in Q1 of 2020 as the COVID-19 crisis spread across the United States.
| Borrower | Credit Score | New | Used |
|---|---|---|---|
| Super Prime | 720 or higher | 3.65% | 4.29% |
| Prime | 660 - 719 | 4.68% | 6.04% |
| Nonprime | 620 - 659 | 7.65% | 11.26% |
| Subprime | 580 - 619 | 11.92% | 17.74% |
| Deep Subprime | 579 or lower | 14.39% | 20.45% |
Source: Experian 2020 Q1 data, published on August 16, 2020
Across the industry, on average automotive dealers make more money selling loans at inflated rates than they make from selling cars. Before you sign a loan agreement with a dealership you should contact a community credit union or bank and see how they compare. You can often save thousands of dollars by getting a quote from a trusted financial institution instead of going with the hard sell financing you will get at an auto dealership.
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