What is the Current Auto Loan Interest Rate?
By FinanceBuddy Staff Writer Should you be a good quality borrower, the interest rate you would pay on your auto loan for a new car would, depending on your location, range between 6.18 percent if you happen to be in Kansas City, Mo., and 7.72 percent if you are out and about in Philadelphia, Penn. If you are out to buy a used car, you’d best be from Denver, Colo. (7.11 percent) or New York City, N.Y. (7.13 percent), and if you are in Los Angeles, Calif., you will pay the highest interest rate at 8.83 percent, according to HSH Associates, Financial Publishers.These figures are the average values made from 36 month, 48 month and 60 month averages, please note that auto loan pricing varies widely from one car reseller to the next, so compare prices before you purchase your car. Also, note that auto loan interest rates spiked on the chart from 0.2 percent at the beginning of February, after being in a steady decline following the hard 0.5 percent spike in January. Percentage applies to 48
