The loans for used cars generally had higher interest rates than loans for new cars in the United States in 2023. In May of that year, loans with a maturity of 48 months had an average interest rate of 7.44 percent for used cars, and 6.83 percent for new cars. The interest rates for 60-month new car loans reached their lowest point in December 2021.
Average interest rates of car loans in the United States from March 2023 to May 2023, by type and maturity
Characteristic
60-month new car
48-month new car
48-month used car
36-month used car
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Bankrate. (June 13, 2023). Average interest rates of car loans in the United States from March 2023 to May 2023, by type and maturity [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1391175/monthly-car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. "Average interest rates of car loans in the United States from March 2023 to May 2023, by type and maturity." Chart. June 13, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1391175/monthly-car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. (2023). Average interest rates of car loans in the United States from March 2023 to May 2023, by type and maturity. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1391175/monthly-car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. "Average Interest Rates of Car Loans in The United States from March 2023 to May 2023, by Type and Maturity." Statista, Statista Inc., 13 Jun 2023, https://www.statista.com/statistics/1391175/monthly-car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate, Average interest rates of car loans in the United States from March 2023 to May 2023, by type and maturity Statista, https://www.statista.com/statistics/1391175/monthly-car-loan-interest-rates-in-the-us-by-type-and-maturity/ (last visited July 22, 2024)
Average interest rates of car loans in the United States from March 2023 to May 2023, by type and maturity [Graph], Bankrate, June 13, 2023. [Online]. Available: https://www.statista.com/statistics/1391175/monthly-car-loan-interest-rates-in-the-us-by-type-and-maturity/