Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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Average Used Auto Loan Rates Fall to 6.660% and New Auto Loan Rates to 5.930%
Used auto loan rates fell 0.078 points to 6.660% APR between October 14 and October 22, and new auto loan rates fell 0.054 points to 5.930%. Other auto loan rates rose 0.119 points to 6.526%. Every auto loan is fixed once signed.
Used auto loan rates fell 0.078 points to 6.660% APR between October 14 and October 22, and new auto loan rates fell 0.054 points to 5.930%. Rates on other auto loans, products lenders list without a new or used designation, rose 0.119 points to 6.526%, the largest change of the three.
Key takeaways
- Used auto loan rates fell 0.078 points to 6.660% APR, from 6.738% on October 14.
- New auto loan rates fell 0.054 points to 5.930%, from 5.984% on October 14; other auto loan rates rose 0.119 points to 6.526%, the largest change of the three categories.
- The Federal Reserve's target range has been 3.75% to 4.00% since September 16; every auto loan is fixed once signed.
- On a $25,000 loan over 60 months, financing at the used-car average runs about $491.03 a month and at the new-car average about $482.51 a month.
Used auto loan rates fell 0.078 points to 6.660%
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.
Used auto loan rates averaged 6.738% on September 23, 6.751% on September 30, 6.738% on October 14 and 6.660% on October 22. New auto loan rates averaged 5.931% on September 23, 5.929% on September 30, 5.984% on October 14 and 5.930% on October 22. The October 22 averages come from 1,385 institutions reporting used auto loans and 1,203 reporting new auto loans.
Rates on other auto loans rose 0.119 points to 6.526%, after 6.449% on September 23, 6.493% on September 30 and 6.407% on October 14. That average comes from 1,110 reporting institutions.
Monthly payment and total interest on a $25,000 auto loan
Financing $25,000 over 60 months at the used-car average of 6.660% works out to about $491.03 a month, with roughly $4,462 in total interest. At the new-car average of 5.930%, the same loan runs about $482.51 a month, with roughly $3,950 in total interest.
Change since October 14, by loan category (percentage points)
This report's averages, October 14 to October 22. Red bars rose; green bars fell.
How each auto loan category moved from October 14 to October 22
| Loan Category | October 14 APR | October 22 APR | Change Since October 14 |
|---|---|---|---|
| Used Auto Loans ▼Financing for used vehicles | 6.738% | 6.660% | ▼ -0.078 |
| Other Auto Loans ▲Products listed without a new or used designation | 6.407% | 6.526% | ▲ +0.119 |
| New Auto Loans ▼Financing for new vehicles | 5.984% | 5.930% | ▼ -0.054 |
| 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 October 14 to October 22, 2026. The other auto loans category reflects loans lenders list without a new or used designation. Source: MonitorBankRates.com. | |||
Signed auto loans keep their rates when the Fed range changes
The Federal Reserve raised its target range to 3.75% to 4.00% on September 16, its first increase since 2023, and the range has not changed since. Every auto loan in this report carries a fixed rate, so loans already signed keep theirs; offers on loans not yet signed can change when lenders reprice. New auto loan rates averaged 5.877% on September 16 and 5.930% on October 22, 36 days later, a difference of 0.053 points.
Insurance on a financed car is a monthly cost beside the loan payment
A lender that finances a car requires full coverage until the loan is paid off. 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.
Comparing offers beyond the national averages
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 the savings goal calculator works out the monthly deposit needed to reach a target such as a down payment; both start from rate data computed daily from more than 8,000 banks and credit unions. Buyers comparing local lenders can line up Texas auto loan rates against these national averages, and movement over time is on our auto loan rate history page.
Auto loan averages as of October 22
Used auto loans average 6.660%, new auto loans 5.930% and other auto loans 6.526%. 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 22, 2026, these averages were calculated from 19,700 individual rates verified at 2,774 banks and credit unions; the latest collection ran October 21, 2026. The table below shows how many lenders reported rates in each category.
| Loan Category | Institutions | Rates Verified |
|---|---|---|
| New Auto Loans | 1,203 | 4,453 |
| Used Auto Loans | 1,385 | 6,619 |
| Other Auto Loans | 1,110 | 5,830 |
| Total (distinct institutions) | 2,774 | 19,700 |
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.
