What is US car loan interest rate?

What is US car loan interest rate?

The national average for US auto loan interest rates is 5.27% on 60 month loans. 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.

Is US bank a good bank for auto loan?

The bottom line: US Bank offers loans at great rates for borrowers who have excellent credit, and it’s an especially strong option if you’re looking for a used car or to refinance.

What is a good interest rate on a 2021 car?

The average new car’s interest rate in 2021 Q4 was 3.86% and 8.21% for used, according to Experian….Loans under 60 months have lower interest rates for new cars.

What is a good APR for 2020 car loan?

As of January 2020, U.S. News reports the following statistics for average auto loan rates: Excellent (750 – 850): 4.93 percent for new, 5.18 percent for used, 4.36 percent for refinancing. Good (700 – 749): 5.06 percent for new, 5.31 percent for used, 5.06 percent for refinancing.

Is 1.9 percent interest rate good?

While there may be lower interest rates available, 1.9% can be a good deal under some circumstances. In terms of cost, an interest rate of 1.9% APR may not add much to your overall car purchase. On a $30,000 SUV, we estimate that a 5-year loan at 1.9% APR would equate to $1,471 in money spent on interest alone.

How hard is it to get a car loan from US Bank?

Applicants with a credit score of at least 650 and up to 850 may be eligible for US Bank Auto Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher. US Bank Auto Loan does not have or does not disclose a minimum annual income eligibility requirement.