Auto loan interest rates in July 2022
Car loan interest rates change frequently, so it’s important to keep track of them. Your loan’s interest rate influences how much you’re going to pay each month. And a lower interest rate can mean thousands of dollars in savings. Our rate table can help you know the best time to buy a new or used car.
| Dates | 60-month new car | 48-month new car | 36-month used car |
|---|---|---|---|
| 6/29/2022 | 4.82% | 4.80% | 5.09% |
| 6/22/2022 | 4.64% | 4.62% | 4.92% |
| 6/15/2022 | 4.56% | 4.53% | 4.84% |
| 6/8/2022 | 4.53% | 4.50% | 4.81% |
| 6/1/2022 | 4.58% | 4.55% | 4.86% |
| 5/25/2022 | 4.61% | 4.58% | 4.89% |
| 5/18/2022 | 4.59% | 4.56% | 4.87% |
| 5/11/2022 | 4.32% | 4.30% | 4.72% |
| 5/4/2022 | 4.20% | 4.18% | 4.57% |
| 4/27/2022 | 4.47% | 4.44% | 4.73% |
| 4/20/2022 | 4.38% | 4.34% | 5.84% |
| 4/13/2022 | 4.22% | 4.18% | 4.48% |
| 4/6/2022 | 4.21% | 4.17% | 4.47% |
Credit scores of 740 or higher — what’s considered excellent credit — will help you qualify for the lowest auto loan interest rates. But even if your credit score is lower, you may still qualify for a decent rate.
Borrowers with a lower credit score may see higher auto interest rates. If your credit score is on the lower end — 580 or lower — some lenders may offer higher interest rates or longer loan terms, which can be a risk. Taking steps to improve your credit score can go a long way toward getting a better interest rate.
Loans for newer cars tend to have lower interest rates than those for used cars. Lenders see newer cars as less of a risk — they’re less likely to break down and lenders can identify exactly how much they’ll depreciate over time. Newer cars also have more predictable resale value down the line than older cars and that predictability results in a lower interest rate.
Beyond the cost of monthly car loan payments, vehicle ownership costs can add up. One of the most significant being car insurance. Make sure you understand car insurance rates and the best car insurance companies available in order to select the best car insurance coverage for your needs.
Estimate your monthly payments with Bankrate’s auto loan calculator.