National Average Auto Loan Rate 6.748% APR;
New Auto Loans Average 5.885%
April 2, 2026
The national average auto loan APR stands at 6.748% as of April 2, 2026. New auto loans average 5.885% APR while used auto loans average 6.597% APR — a spread of 0.712 percentage points reflecting the additional collateral risk of used vehicles.
NATIONAL — The national average auto loan APR is 6.748% as of April 2, 2026, based on 21,567 verified rate quotes collected directly from the websites of 2,826 banks and credit unions across all 50 states. All rates in this release are APR (Annual Percentage Rate) and exclude taxes, fees, dealer financing markups, and insurance. This is the inaugural auto loan rate release from MonitorBankRates.com. Beginning April 6, each release will include week-over-week APR change data.
New auto loans average 5.885% APR — 0.712 percentage points lower than used auto loans at 6.597% APR. On a $30,000 loan over 60 months, this spread translates to approximately $11 in additional monthly interest for used vehicle borrowers.
New auto loans average 5.885% APR nationally, reflecting the lower collateral risk that new vehicles represent for lenders. New vehicles have predictable valuations, manufacturer warranty coverage, and slower initial depreciation relative to their loan balance — all factors that allow lenders to offer more competitive rates. Used auto loans average 6.597% APR, a premium of 0.712 percentage points over new auto rates. This spread is consistent with historical norms, as used vehicles carry greater uncertainty around condition, mileage, and resale value.
General auto loans — products not specifically categorized as new or used vehicle financing — average 6.659% APR, closely tracking the used auto rate. This category includes many refinance products and general-purpose vehicle loans where vehicle type is not specified in the product name. The overall market average of 6.748% APR incorporates all three categories across 2,826 institutions.
The 6.748% national average remains elevated relative to pre-2022 levels, reflecting the Federal Reserve's sustained higher-rate environment. Borrowers who financed vehicles in 2021 or early 2022 at rates below 4% are unlikely to benefit from refinancing at current market rates. However, borrowers who financed at 2023 peak rates above 8% may find meaningful savings by shopping current lender offerings. Compare the best auto loan rates from banks and credit unions nationwide →
| Loan Type | National Avg APR | Notes |
|---|---|---|
| Auto Loan Types — April 2, 2026 · All rates are APR | ||
| New Auto LoanNew vehicle financing · lower collateral risk | 5.885% | Lowest rate · new vehicles |
| Used Auto LoanUsed vehicle financing · higher collateral risk | 6.597% | +0.712 over new auto |
| Auto Loan (General)Non-specific vehicle loans · includes refinance products | 6.659% | Refinance & general |
| All Auto LoansAll auto loan products — basis for headline APR figure | 6.748% | 2,826 institutions · 21,567 auto loan rate quotes verified |
| All rates are national average APRs (Annual Percentage Rate) collected and verified by MonitorBankRates.com from institution websites across all 50 states as of April 2, 2026. APR excludes taxes, fees, dealer financing markups, GAP insurance, and extended warranty products. Rates reflect direct lender offerings from banks and credit unions only — not dealer-arranged financing. Week-over-week comparison data will be included beginning with the April 6, 2026 release. Source: MonitorBankRates.com. | ||
Auto loan rates are closely tied to the federal funds rate and broader credit market conditions. With the Federal Reserve maintaining elevated short-term rates through early 2026, auto loan APRs have remained well above the historically low levels seen in 2020 and 2021. However, competition among banks and credit unions for auto loan originations has continued to put moderate downward pressure on rates relative to the 2023 peak, when many borrowers faced rates above 8%.
Credit unions in particular continue to be a competitive source of auto financing, frequently offering rates below the national bank average for qualified borrowers. The 2,826 institutions in MonitorBankRates.com’s database include both banks and credit unions, providing a comprehensive picture of what direct lenders are actually offering — independent of dealer financing markups, which can add 1 to 2 percentage points to the effective rate. Borrowers who arrange financing directly with a bank or credit union before visiting a dealership are typically better positioned to negotiate. Compare auto loan rates from banks and credit unions →
All APRs in this release are calculated from rates collected directly from institution websites by MonitorBankRates.com’s proprietary systems. Rates reflect direct lender offerings from banks and credit unions only — not dealer-arranged financing or captive manufacturer financing programs. APR excludes taxes, fees, GAP coverage, and insurance.
| Coverage | Institutions | Auto Loan Rate Quotes Verified |
|---|---|---|
| All Auto Loans | 2,826 | 21,567 |
Loan type APRs (new, used, general) are derived from products categorized as such in the MonitorBankRates.com rate database. Week-over-week comparison data will be included beginning with the April 6, 2026 release.
MonitorBankRates.com is an independent financial data publisher collecting and verifying deposit, lending, and mortgage rates directly from the public websites of thousands of banks and credit unions across the United States. For media inquiries, custom data requests, or licensing information, visit monitorbankrates.com/contact-us.
MonitorBankRates.com — Press & Research Relations
Web: www.monitorbankrates.com
Rate data: monitorbankrates.com/auto-loan-rates/
