As of June 2023, financing the purchase of used cars was generally more expensive than for new cars. The interest rates of loans with a 60-month maturity were 8.18 percent for used cars and 6.98 percent for new cars. Nevertheless, the monthly payments of car loans were on average higher for new units than for used ones in 2022.
Average interest rates of car loans in the United States in June 2023, by type and maturity
Characteristic
36-month term
48-month term
60-month term
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Bankrate. (June 13, 2023). Average interest rates of car loans in the United States in June 2023, by type and maturity [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. "Average interest rates of car loans in the United States in June 2023, by type and maturity." Chart. June 13, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. (2023). Average interest rates of car loans in the United States in June 2023, by type and maturity. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. "Average Interest Rates of Car Loans in The United States in June 2023, by Type and Maturity." Statista, Statista Inc., 13 Jun 2023, https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate, Average interest rates of car loans in the United States in June 2023, by type and maturity Statista, https://www.statista.com/statistics/1391192/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 in June 2023, by type and maturity [Graph], Bankrate, June 13, 2023. [Online]. Available: https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/