Average Auto Loan Interest Rates 2024. In the second quarter of 2024, the overall average auto loan interest rate was 6.84% for new cars and 12.01% for used cars. The average auto loan interest rate for new cars in the second quarter of 2024 was 6.84 percent, while used cars had an average rate of 12.01 percent.

Auto loan rates typically range from 3% to 20%, which is lower than other loan types, such as personal loans, which can reach up to 36%. Penfed credit union is the best overall auto loan lender thanks to its wide selection of loan types and competitive rates, according to our research.