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
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 November 21, 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 November 21, 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: November 21, 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 November 21, 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/
