National Average Auto Loan Rate 6.350% APR;
New Auto Loans Average 5.830%
Week Ending April 7, 2026

The national average auto loan APR is 6.350% as of April 7, 2026 — down from 6.748% the prior period. New auto loans average 5.830% APR while used auto loans average 6.637% APR, a spread of 0.807 percentage points. This is the first release with week-over-week comparison data.

📊 Full week-over-week data for all 3 auto loan categories — drawn from 17,090 verified auto loan rate quotes from 2,733 institutions across all 50 states.

NATIONAL — The national average auto loan APR is 6.350% for the week ending April 7, 2026, based on 17,090 verified rate quotes collected directly from the websites of 2,733 banks and credit unions across all 50 states. All rates in this release are APR (Annual Percentage Rate) and exclude taxes, fees, dealer financing markups, and insurance. This is the first auto loan release with full week-over-week comparison data. Used auto and general auto loans both declined this week while new auto held essentially flat.

New auto loans average 5.830% APR nationally, essentially unchanged from last week’s 5.829% — a gain of just 0.001 points. New vehicles’ predictable valuations, manufacturer warranty coverage, and slower initial depreciation allow lenders to maintain competitive rates. Used auto loans average 6.637% APR, down 0.012 points from 6.649%, a premium of 0.807 percentage points over new auto rates. This spread widened from 0.712 points last period as used auto rates declined while new auto held flat.

General auto loans — products not specifically categorized as new or used vehicle financing — average 6.306% APR, posting a decline of 0.115 points from 6.421%. This category includes many refinance products and general-purpose vehicle loans. The overall market average of 6.350% APR incorporates all three categories across 2,733 institutions — down from 6.748% last period.

At 6.350%, the national auto loan average remains elevated relative to pre-2022 levels but continues to ease from 2023 peaks above 8%. Borrowers who financed vehicles in 2021 or early 2022 at rates below 4% are unlikely to benefit from refinancing at current rates. However, borrowers who financed at 2023 peak rates may find meaningful savings by shopping current lender offerings — particularly in the general auto category, which fell 0.115 points this week. Compare the best auto loan rates from banks and credit unions nationwide →

Auto loan rates are closely tied to the federal funds rate and broader credit market conditions. The broad decline in rates this week — particularly the 0.060-point drop in general auto loans — reflects continued downward pressure from bank and credit union competition for auto loan originations. With the Federal Reserve maintaining its current rate posture, auto loan rates have continued to ease from the 2023 peaks above 8%.

Credit unions in particular continue to be a competitive source of auto financing, frequently offering rates below the national bank average for qualified borrowers. The 2,733 institutions in MonitorBankRates.com’s database include both banks and credit unions, providing a comprehensive picture of what direct lenders are actually offering — independent of dealer financing markups, which can add 1 to 2 percentage points to the effective rate. Borrowers who arrange financing directly with a bank or credit union before visiting a dealership are typically better positioned to negotiate. Compare auto loan rates from banks and credit unions →