Beyond your credit score, several variables determine the final cost of your loan:
: Used cars generally carry higher interest rates—averaging nearly 5% more than new cars—due to their faster depreciation and higher risk for the lender [28][36]. auto loan rate
Auto loan rates in 2026 are hovering around and 7.1% for used cars for average borrowers, according to Bankrate's 2026 forecast . However, your actual rate depends heavily on your credit profile and the type of lender you choose. Average APR by Credit Score (April 2026) Beyond your credit score, several variables determine the
: Shorter terms (e.g., 36–48 months) usually come with lower interest rates but higher monthly payments [10][24]. Average APR by Credit Score (April 2026) :
: Credit unions typically offer lower rates than big banks. For example, 60-month new car loans averaged 5.75% at credit unions compared to 7.49% at banks in mid-2025 [11].