Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
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Average Used Auto Loan Rates Rise to 6.727% and New Auto Loan Rates to 5.995%
Used auto loan rates rose 0.067 points to 6.727% APR between October 22 and October 28, and new auto loan rates rose 0.065 points to 5.995%. Other auto loan rates rose 0.026 points to 6.552%. Every auto loan is fixed once signed.
Used auto loan rates rose 0.067 points to 6.727% APR between October 22 and October 28, and new auto loan rates rose 0.065 points to 5.995%. Rates on other auto loans, products lenders list without a new or used designation, rose 0.026 points to 6.552%. Used and new auto loan rates had both fallen in the October 22 report.
Key takeaways
- Used auto loan rates rose 0.067 points to 6.727% APR, from 6.660% on October 22.
- New auto loan rates rose 0.065 points to 5.995%, from 5.930%; other auto loan rates rose 0.026 points to 6.552%.
- The Federal Reserve kept its target range at 3.75% to 4.00% on October 28; every auto loan is fixed once signed.
- On a $25,000 loan over 60 months, financing at the used-car average runs about $491.82 a month and at the new-car average about $483.26 a month.
Used auto loan rates rose 0.067 points to 6.727%
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, 6.660% on October 22 and 6.727% on October 28. New auto loan rates averaged 5.931%, 5.929%, 5.984%, 5.930% and 5.995% on the same dates. The October 28 averages come from 1,495 institutions and 7,150 rates for used auto loans and 1,292 institutions and 4,865 rates for new auto loans.
Rates on other auto loans averaged 6.449% on September 23, 6.493% on September 30, 6.407% on October 14, 6.526% on October 22 and 6.552% on October 28, from 1,219 institutions and 6,777 rates.
Payments on a $25,000, 60-month auto loan at the October 28 averages
Financing $25,000 over 60 months at the used-car average of 6.727% works out to about $491.82 a month, with roughly $4,509 in total interest. At the new-car average of 5.995%, the same loan runs about $483.26 a month, with roughly $3,996 in total interest. At the October 22 averages, the same loan ran about $491.03 a month at the used-car average and $482.51 at the new-car average.
Change since October 22, by loan category (percentage points)
This report's averages, October 22 to October 28. Red bars rose; green bars fell.
Auto loan APRs by category, October 22 and October 28
| Loan Category | October 22 APR | October 28 APR | Change Since October 22 |
|---|---|---|---|
| Used Auto Loans ▲Financing for used vehicles | 6.660% | 6.727% | ▲ +0.067 |
| Other Auto Loans ▲Products listed without a new or used designation | 6.526% | 6.552% | ▲ +0.026 |
| New Auto Loans ▲Financing for new vehicles | 5.930% | 5.995% | ▲ +0.065 |
| 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 22 to October 28, 2026. The other auto loans category reflects loans lenders list without a new or used designation. Source: MonitorBankRates.com. | |||
Auto loan rates after the Fed's October 28 decision
The Federal Reserve held its benchmark range at 3.75% to 4.00% on October 28. 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 5.995% on October 28, 42 days later, a difference of 0.118 points.
Full coverage is a required monthly expense on a financed car
A lender that finances a car requires full coverage until the loan is paid off, so the insurance premium is a monthly expense beside the loan payment. Our car insurance rates page shows what drivers pay nationally, and the MBR Auto Insurance Burden Index ranks all 50 states by how heavily those premiums weigh on drivers.
Where to compare auto loan offers
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 budget calculator sets monthly income against expenses to show what a car payment leaves; both start from today's average rates, computed daily from more than 8,000 banks and credit unions, and state figures can be loaded. Buyers comparing local lenders can line up Ohio auto loan rates against these national averages, and movement over time is on our auto loan rate history page.
Auto loan averages on October 28
Used auto loans average 6.727%, new auto loans 5.995% and other auto loans 6.552%. 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 28, 2026, these averages were calculated from 18,792 individual rates verified across the three categories; the latest collection ran October 27, 2026. The table below shows how many lenders reported rates in each category.
| Loan Category | Institutions | Rates Verified |
|---|---|---|
| New Auto Loans | 1,292 | 4,865 |
| Used Auto Loans | 1,495 | 7,150 |
| Other Auto Loans | 1,219 | 6,777 |
| Total | 18,792 |
Category counts overlap because most lenders quote both new and used loans.
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.
