Brian McKay
Brian McKay
Co-Founder & Lead Data Architect- Automated Online Rate Data Aggregation
- Location-Based Rate Tables
- Bank & Credit Union Health Safety Ratings
- Bank & Credit Union Star Ratings
- Finance Calculators
Used Car Loan Rates Climb to 6.738% and New Car Rates to 5.931%
Used auto loan rates rose 0.043 points to 6.738% and new auto loan rates rose 0.054 points to 5.931% in the first auto loan report since the Federal Reserve raised its benchmark rate a quarter point on September 16. Every auto loan is fixed once signed.
The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4.00% on September 16, and this is our first auto loan rate report collected after that decision. Used auto loan rates rose 0.043 points to 6.738% APR, their fourth straight increase, and new auto loan rates rose 0.054 points to 5.931% after holding within about a hundredth of 5.87% across the three prior reports. New and used rates sit 0.807 points apart, about $9.43 a month on a typical $25,000 loan.
Key takeaways
- Used auto loan rates rose 0.043 points to 6.738% APR, their fourth straight increase, and new auto loan rates rose 0.054 points to 5.931% after three reports near 5.87%.
- 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; these figures were collected September 22, six days after the announcement.
- Every auto loan is fixed once signed, so the increase reaches only offers on loans not yet signed; rates on general auto loans, listed without a new or used designation, fell 0.107 points to 6.449%.
- On a $25,000 loan over 60 months, financing at the used-car average runs about $492 a month, roughly $9.43 more than at the new-car average.
New and used auto loan rates both rose this week
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 have now risen four reports in a row, from 6.503% in late August to 6.738% in this report, a climb of 0.235 points over that stretch. New auto loan rates rose 0.054 points to 5.931%, their first move of more than a hundredth since the three flat reports that preceded it; the last report collected before the Fed's announcement had them at 5.877%.
Rates on general auto loans, products lenders list without naming new or used, fell 0.107 points to 6.449%. 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.
Financing $25,000 at the new averages
Financing $25,000 over 60 months at this week's used-car average works out to about $492 a month, and a new-car loan for that balance runs about $483 a month. Buying used adds about $9.43 a month from financing alone, roughly $566 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 September 16, by loan category (percentage points)
This report's averages, September 16 to September 23. Red bars rose.
Auto loan rates this week: September 16 vs. September 23
| Loan Category | September 16 APR | September 23 APR | Weekly Change |
|---|---|---|---|
| Used Auto Loans ▲Financing for used vehicles | 6.695% | 6.738% | ▲ +0.043 |
| Auto Loans, General ▼Products listed without a new or used designation | 6.556% | 6.449% | ▼ -0.107 |
| New Auto Loans ▲Financing for new vehicles | 5.877% | 5.931% | ▲ +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 September 16 to September 23, 2026; the September 16 figures were collected before the Federal Reserve's announcement that afternoon, and the September 23 figures after it. The general category reflects loans lenders list without a new or used designation, so its average moves with lender mix as well as pricing. Source: MonitorBankRates.com. | |||
Auto loan offers can reprice 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. 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: lenders fund at short-term rates and can reprice offers in the weeks after a Fed move. The figures in this report were collected September 22, six days after the announcement. Approved offers are typically good for 30 days at the quoted rate.
Full coverage is part of a financed car's monthly bill
Lenders require full coverage on a financed car until it is paid off, so the insurance premium is part of the same monthly bill as any APR in this report. 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. Two similar cars can carry very different premiums.
The averages blend every credit tier and vehicle age
These averages blend every credit tier and vehicle age; a well-qualified buyer financing a late-model used car routinely signs below 6.738%, and today's strongest offers are on our best auto loan rates page. The savings goal calculator calculates the monthly deposit needed to reach a down payment goal, using average rates computed daily from more than 8,000 banks and credit unions, and the debt consolidation calculator works from the same live rate data for borrowers weighing existing balances against a new car payment. Buyers comparing local lenders can line up Georgia auto loan rates against these national averages, and week-by-week movement is on our auto loan rate history page.
The bottom line on auto loan rates
Used auto loan rates average 6.738% and new auto loan rates 5.931% in the first auto loan report since the Federal Reserve raised its benchmark rate. 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 September 23, 2026, these averages were calculated from 19,223 individual rates verified at 2,787 banks and credit unions; the latest collection ran September 22, 2026. The table below shows how many lenders reported rates in each category.
| Loan Category | Institutions | Rates Verified |
|---|---|---|
| New Auto Loans | 1,292 | 4,494 |
| Used Auto Loans | 1,411 | 6,547 |
| Auto Loans, General | 1,057 | 5,281 |
| Total (distinct institutions) | 2,787 | 19,223 |
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.
