Auto Loan Rates Today: What New and Used Car Buyers Are Paying Right Now
Where Auto Loan Rates Stand Now
As of today, June 19th 2026, Bank of America is offering a new car (dealer) 5.39% APR, a used car (dealer) 5.59% APR. It's important to note that credit is a major factor, and not everyone is going to qualify for these rates, as banks publish the most favorable terms.
If financing a car feels expensive right now, the numbers back you up. The average APR is about 6.78 percent for new-car loans and 12.01 percent for used, and rates have been holding near those levels rather than easing. The gap between new and used is wide enough that the same buyer can pay several points more simply for choosing a pre-owned vehicle.
Your Credit Score Is the Biggest Factor
This is where the real spread shows up. Borrowers with super-prime credit see rates around 5.25 percent on new cars and 7.13 percent on used, while subprime borrowers average 13.18 percent for new and 18.86 percent for used. The spread is even starker at the extremes: Experian put the average new-car rate at 4.66 percent for super-prime borrowers versus 16.01 percent for deep subprime in the most recent quarter.
New vs Used: Mind the Gap
Used cars almost always cost more to finance. Used-car APRs typically run half a point to a point and a half above new-car rates, because lenders price in higher depreciation risk. If you are on the fence between a new base model and a used higher trim, the financing math can tilt the decision.
How to Land a Lower Rate
The most reliable move is to shop around before you set foot in a dealership. Comparing offers from several lenders saves borrowers about $2,346 on average, and a pre-approval gives you a rate ceiling to negotiate against. Run the numbers through a loan calculator and walk in with a competing quote in hand.
What to Watch Next
Auto loan rates track the Federal Reserve and the broader bond market, so the next rate decision is the one to watch. For now, expect rates to hold rather than fall sharply.
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This story was originally published June 19, 2026 at 3:29 PM.