These are the average auto loan rates by state, as determined by Edmunds data. Click on a state to view the APR for different vehicle types. Use the toggle to see the avg. used car loan rates and new car loan rates.
October Car Loan Rates (APR) in the U.S. for Used and New Cars
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Monthly Change in Car Loan Rates (APR)
| May | June | July | August | September | October | % Change Since Last Month |
|---|---|---|---|---|---|---|---|
Avg. APR Used Vehicles | 11% | 11% | 11.1% | 11.2% | 11.4% | 11.6% | +.20% |
Avg. APR New Vehicles | 7.1% | 7.2% | 7.2% | 7.4% | 7.4% | 7.6% | +.20% |
Where are people paying over $1k/month to finance their new cars in Q2?
Consumers are paying more than ever to finance new vehicle purchases in 2023. See which states had the highest percentage of car shoppers who committed to a monthly payment of $1,000 or more to finance their purchase of a new vehicle in Q2 (April 1 - June 30, 2023) according to data from Edmunds, the car shopping resource.
- More than 1 in 4 car shoppers in Texas and Wyoming committed to a monthly payment over $1K/month, which experts say is due to the high volume of large truck purchases in both states.
- Edmunds experts advise that consumers calculate the total amount they are planning to finance in their next purchase by using the Edmunds Auto Loan Calculator, which factors in sales price, tax rates, title and registration, trade-in values, financing terms and more. Read more tips from Edmunds experts on how to buy a car when interest rates are high here.