Interest Rate For Car Loan 2018

Currently the car loan interest rate is 9 60 for male borrowers while for women borrowers it is 9 55 for new cars.

Interest rate for car loan 2018. Few nbfcs and banks charge a high processing fee. Income tax benefits on car loans taken to purchase electric vehicles. Navy federal offers a 0 25 percentage point discount off its lowest apr for active duty and retired military members who utilize direct deposit. In the first quarter of 2020 the average auto loan rate for a new car was 5 61 while the typical used car loan carried an interest rate of 9 65 according to experian s state of the automotive.

A 5 year fixed rate new car loan for 37 000 would have 60 monthly payments of 660 each at annual percentage rate apr of 2 69. The national average for us auto loan interest rates is 5 27 on 60 month loans. If you re eligible for membership at the credit union you only have to open a navy federal savings account with a deposit of 5 to join. To finance that amount and with those terms lightstream currently.

A 5 year fixed rate used car loan for 25 000 would have 60 monthly payments of 450 each at an annual percentage rate apr of 2 99. Navy federal s prices for auto loan add ons such as gap insurance are also low. Interest costs hit 2 108 for borrowers with good credit an. Credit scores of 719 for a new car or 655 for a used car or higher will help you qualify for the lowest auto loan interest rates.

For individual consumers however rates vary based on credit score term length of the loan age of the car being financed and other factors relevant to a lender s risk in offering a loan. New and used car auto loan aprs start at 1 79. This could bring the starting 1 79 apr down to 1 54. It is vital that you check the processing fees that are being levied as well.

According to experian the average car loan is just under 32 000 with most people choosing a 60 or 72 month auto loan term. However these special interest rates are only applicable to borrowers who are eligible for the loyalty car loan scheme. Even if your credit score is lower you may still qualify for. Read reviews and discover if you re pre approved for an offer at 90 odds.