As of September 2024, financing the purchase of used cars was generally more expensive than for new cars. The average interest rate of a loan with a maturity of 60 months was 8.9 percent for used cars and 7.7 percent for new cars. Nevertheless, the monthly payments of car loans were on average higher for new units than for used ones in 2024. That was mainly because the amount financed for new cars tends to be higher.
Average interest rates of car loans in the United States in September 2024, by type and maturity
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Bankrate. (September 11, 2024). Average interest rates of car loans in the United States in September 2024, by type and maturity [Graph]. In Statista. Retrieved November 19, 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 September 2024, by type and maturity." Chart. September 11, 2024. Statista. Accessed November 19, 2024. https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/
Bankrate. (2024). Average interest rates of car loans in the United States in September 2024, by type and maturity. Statista. Statista Inc.. Accessed: November 19, 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 September 2024, by Type and Maturity." Statista, Statista Inc., 11 Sep 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 September 2024, by type and maturity Statista, https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/ (last visited November 19, 2024)
Average interest rates of car loans in the United States in September 2024, by type and maturity [Graph], Bankrate, September 11, 2024. [Online]. Available: https://www.statista.com/statistics/1391192/car-loan-interest-rates-in-the-us-by-type-and-maturity/
