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Brian McKay

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Brian is the Co-Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.

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| September 10, 2026 | 5 min read

Auto Loan Rates Edge Up Again as Used Car Rates Reach 6.632%

Used auto loan rates rose 0.029 points to 6.632% this week and new auto loan rates edged up to 5.873%, small moves after two weeks of large swings. The Federal Reserve announces its next rate decision Wednesday; auto loans already signed would not change either way.

Average car loan rates rose again since our August 31 report, in smaller steps this time. Used car loan rates added 0.029 points to 6.632% APR, a second straight increase that still leaves them under their mid-August level, and new car loan rates edged up 0.007 points to 5.873%. After two weeks of swings near a tenth of a point in each direction, this was the quietest report in nearly a month. New and used rates now sit 0.759 points apart, about $8.85 a month on a typical $25,000 loan.

The quietest auto loan report in nearly a month

Auto loan rates by category, national average APR since late March

Average APRs from MonitorBankRates.com's nightly collection, the same series this report's figures come from, updated daily.

Used auto loan rates rose 0.029 points to 6.632%, their second increase in a row, and remain 0.037 points below the 6.669% they averaged on August 19. New auto loan rates added 0.007 points to 5.873%. Compared with the two prior reports, when both averages swung close to a tenth of a point, first down and then up, these are small moves, and a quieter week tells a buyer more than the loud ones did: current levels are holding rather than whipping around.

Rates on general auto loans, products lenders list without naming new or used, rose 0.023 points to 6.516%. That group's average moves with lender mix as much as with pricing, so the new and used figures remain the better guide to where car loan rates stand.

The monthly payment at this week's averages

Financing $25,000 over 60 months at this week's used-car average works out to about $491 a month; a new-car loan for that balance runs about $482 a month. Buying used adds about $8.85 a month from financing alone, roughly $531 over the life of the loan, before either vehicle's price enters the picture. Dealership incentives on new cars often stretch that difference further in practice than these averages show.

Change since August 31, by loan category (percentage points)

This report's averages, August 31 to September 10. Red bars rose.

Auto loan rates this week: August 31 vs. September 10

A decision next week, but only for unsigned loans

The Federal Reserve announces its rate decision Wednesday, September 16, and futures markets have treated a quarter-point increase as a close call since late August; its benchmark has held at 3.50% to 3.75% since December. For a car buyer the dividing line is the signature. Every auto loan in this report carries a fixed rate, so a loan closed before Wednesday, or after it, keeps its rate for the full term no matter what the Fed does. What the decision can shift is the offers lenders make on loans that haven't been signed yet, because lenders fund at short-term rates and reprice when those move. A buyer holding an approved offer that's good for 30 days walks into next week already knowing their number.

The premium rides along with the payment

A financed car has to carry full coverage until the loan is paid off, which makes the insurance premium a required line in the same monthly budget as these APRs. Our car insurance rates page covers what drivers pay nationally, the MBR Auto Insurance Burden Index ranks all 50 states by how heavily those premiums weigh on drivers, and Florida drivers can compare carriers on our Florida car insurance rates page. Premiums differ between similar cars more than most buyers expect, so quote the exact model before signing anything.

Beating the averages still comes down to the lender

These averages blend every credit tier and vehicle age, so the distance between lenders runs far wider than any week's move. A well-qualified buyer financing a late-model used car routinely signs below 6.632%, and credit unions in particular price under these averages often enough to be worth a membership check. Buyers comparing local lenders can line up Florida auto loan rates against these national averages, and week-by-week movement for every category is on our auto loan rate trends page.

The bottom line for car buyers this week

Auto loan averages rose by small amounts across all three categories this week, with none of the sharp swings of late August. A Fed decision lands Wednesday, and the practical answer for a car buyer is unchanged by the suspense: your credit profile, your lender, and the age of the vehicle move your rate far more than either the week's averages or the Fed's choice will. Walk into the dealership with an approved offer already in hand and let them try to beat it.