Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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New Auto Loan Rates Rise to 5.984% as Used Auto Loan Rates Fall to 6.738%
New auto loan rates rose 0.055 points to 5.984% APR between September 30 and October 14. Used auto loan rates fell 0.013 points to 6.738%, and other auto loan rates fell 0.086 points to 6.407%. Every auto loan is fixed once signed.
New auto loan rates rose 0.055 points to 5.984% APR between September 30 and October 14. Used auto loan rates fell 0.013 points to 6.738%, and rates on other auto loans, products lenders list without a new or used designation, fell 0.086 points to 6.407%, the largest change of the three. The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16.
Key takeaways
- New auto loan rates rose 0.055 points to 5.984% APR, after 5.929% on September 30.
- Used auto loan rates fell 0.013 points to 6.738%, from 6.751% on September 30, and other auto loan rates fell 0.086 points to 6.407%, the largest change of the three categories.
- The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16 by a 12-0 vote, its first increase since 2023; the figures in this report are dated October 14, 28 days after the announcement.
- On a $25,000 loan over 60 months, financing at the used-car average runs about $491.95 a month and at the new-car average about $483.13 a month.
New auto loan rates rose 0.055 points to 5.984%
Auto loan rates by category, national average APR since April 13
Average APRs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.
New auto loan rates were 5.877% on September 16, 5.931% on September 23, 5.929% on September 30 and 5.984% this week. Used auto loan rates were 6.738% on September 23, 6.751% on September 30 and 6.738% this week.
Rates on other auto loans, products lenders list without naming new or used, fell 0.086 points to 6.407%, after 6.449% on September 23 and 6.493% on September 30.
Monthly payment on $25,000 at the October 14 auto loan averages
Financing $25,000 over 60 months at this week's used-car average of 6.738% works out to about $491.95 a month, with roughly $4,517 in total interest. At the new-car average of 5.984%, the same loan runs about $483.13 a month, with roughly $3,988 in total interest.
Change since September 30, by loan category (percentage points)
This report's averages, September 30 to October 14. Red bars rose; green bars fell.
Auto loan rates: September 30 vs. October 14
| Loan Category | September 30 APR | October 14 APR | Change Since September 30 |
|---|---|---|---|
| Used Auto Loans ▼Financing for used vehicles | 6.751% | 6.738% | ▼ -0.013 |
| Other Auto Loans ▼Products listed without a new or used designation | 6.493% | 6.407% | ▼ -0.086 |
| New Auto Loans ▲Financing for new vehicles | 5.929% | 5.984% | ▲ +0.055 |
| Compare live offers: new car financing rates · used car financing rates · all auto loan rates | |||
| All APRs are national averages of what real licensed lenders are actually quoting to borrowers, not promotional teaser rates or rate aggregator estimates. This comparison runs September 30 to October 14, 2026. The other auto loans category reflects loans lenders list without a new or used designation. Source: MonitorBankRates.com. | |||
Auto loan rates 28 days after the Fed's increase
The Federal Reserve raised its benchmark rate to 3.75% to 4.00% on Wednesday, September 16, its first increase since 2023, by a 12 to 0 vote, and the benchmark has been at that level since. Every auto loan in this report carries a fixed rate, so rates on loans already signed do not change with it; offers on loans not yet signed can change when lenders reprice. The figures in this report are dated October 14, 28 days after the announcement.
Full coverage is required on a financed car until the loan is paid off
Lenders require full coverage on a financed car until it is paid off, so the insurance premium is a monthly expense alongside the loan payment. Our car insurance rates page covers what drivers pay nationally, and the MBR Auto Insurance Burden Index ranks all 50 states by how heavily those premiums weigh on drivers.
What each national auto loan average covers
Each average combines every credit tier and vehicle age; the strongest current offers are on our best auto loan rates page. The auto loan calculator works out the monthly payment for a loan amount, term and rate, and state versions such as the Indiana auto loan calculator load that state's figures. The budget calculator shows where a car payment fits among monthly income and expenses; both use rate data computed daily from more than 8,000 banks and credit unions. Buyers comparing local lenders can line up Florida auto loan rates against these national averages, and week-by-week movement is on our auto loan rate history page.
Auto loan averages on October 14
Used auto loans average 6.738%, new auto loans 5.984% and other auto loans 6.407%. Every auto loan is fixed once signed. The rate an individual buyer is offered depends on credit profile, lender, and vehicle age, and offers vary between lenders at every tier.
Data Coverage & Methodology
All APRs in this report are calculated from rates collected directly from institution websites by MonitorBankRates.com's proprietary systems, tracking what real licensed lenders are actually quoting to borrowers, not promotional teaser rates or rate aggregator estimates.
As of October 14, 2026, these averages were calculated from 19,340 individual rates verified at 2,787 banks and credit unions; the latest collection ran October 14, 2026. The table below shows how many lenders reported rates in each category.
| Loan Category | Institutions | Rates Verified |
|---|---|---|
| New Auto Loans | 1,240 | 4,509 |
| Used Auto Loans | 1,407 | 6,468 |
| Other Auto Loans | 1,080 | 5,468 |
| Total (distinct institutions) | 2,787 | 19,340 |
Category counts overlap because most lenders quote both new and used loans; the total row counts each institution once across the full auto loan universe.
This report is for general information and is not financial advice. The APR any borrower receives depends on credit profile, loan term, vehicle age, and lender; confirm current offers with lenders before making decisions.
