As of the first quarter of 2024, 48-month new car loans granted by commercial banks in the United States had an interest rate of 8.57 percent. Meanwhile, auto loans at finance companies had an interest rate of 6.21 percent, which is lower than the average rate in commercial banks. The finance rates for new cars have been increasing significantly in 2022 and 2023.
Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2024, by type
Characteristic
Commercial bank 48-month loans
Commercial bank 60-month loans
Commercial bank 72-month loans
Car loans at finance companies
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The figures for car loans at commercial banks correspond to February (Q1), May (Q2), August (Q3), and November (Q4). Meanwhile, the values for car loans at finance companies correspond to the last month of each quarter.
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New York Fed. (June 7, 2024). Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2024, by type [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1341810/car-loan-interest-rates-in-the-us-by-type/
New York Fed. "Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2024, by type." Chart. June 7, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1341810/car-loan-interest-rates-in-the-us-by-type/
New York Fed. (2024). Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2024, by type. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1341810/car-loan-interest-rates-in-the-us-by-type/
New York Fed. "Interest Rates on New Car Loans in The United States from 1st Quarter 2019 to 1st Quarter 2024, by Type." Statista, Statista Inc., 7 Jun 2024, https://www.statista.com/statistics/1341810/car-loan-interest-rates-in-the-us-by-type/
New York Fed, Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2024, by type Statista, https://www.statista.com/statistics/1341810/car-loan-interest-rates-in-the-us-by-type/ (last visited July 22, 2024)
Interest rates on new car loans in the United States from 1st quarter 2019 to 1st quarter 2024, by type [Graph], New York Fed, June 7, 2024. [Online]. Available: https://www.statista.com/statistics/1341810/car-loan-interest-rates-in-the-us-by-type/