Auto Loan Rates

Auto Loan Rates November 2022

November 29, 2022

Compare the latest auto loan rates from all lenders nationwide. Our data for auto loan rates comes directly from the bank and or lender, our data is provided in the utmost unbiased methods. A auto loan is a financial option for your vehicle. Click here or scroll down to see the rate comparison table.


Rates on auto loans have been climbing for the last few years, leading to sticker shock for many car buyers. But there are ways to mitigate those costs and find a great deal on an auto loan. Here are some tips for finding the best auto loan rates and avoiding costly upfront expenses when financing a new car. If you're ready to get behind the wheel of a new car, financing is probably on your mind. The type of financing and the interest rate will impact how much you end up paying over time. Luckily, there are alternatives that could help you save money at the dealership. Auto loan rates can vary widely from lender to lender and even from one car to another within the same manufacturer — even if they have similar MSRP prices.

Set a budget and do your research

The first step towards finding the best auto loan rates is to set a budget and do some research to figure out what you can afford. If you have a specific car in mind and know its MSRP price, you can plug that into an auto loan calculator to get an idea of your potential monthly payments. Make sure to take into account factors like your credit score, the interest rate you're offered, and any other fees that could affect your payments. Once you've determined how much you can afford to spend, you can start researching auto loan rates from lenders in your area.

Should I shop around and compare auto loan rates?

One way to find the best auto loan rates is to shop around and compare rates from multiple lenders. You can get quotes online or over the phone from a variety of lenders and see how they stack up against each other. Make sure to include factors like the length of the loan and your credit score in the comparison process. That way, you can make sure you end up with a competitive auto loan rate. It's also a good idea to go with a lender that's trustworthy. That could make the difference between a pleasant experience and a headache. Trustworthy lenders also have experience with a wide variety of situations and can offer solutions that fit your specific situation.

Check out lender incentives

Another way to find the best auto loan rates is to look for lender incentives. Some lenders may offer lower interest rates or other incentives to attract new customers or to compete with other lenders. You can try searching for your specific type of loan on a site like LendingTree to see what incentives you might qualify for. That could help you find the best auto loan rates and save a significant amount of money over the long term.

How does cash-back loan options work?

Another way to find the best auto loan rates is to try a cash-back option. Some lenders offer a cash-back option that gives you a reduced interest rate in exchange for a small percentage of cash back at the end of the loan. You can use that money to offset the cost of financing. For example, a 2% cash-back deal could result in an interest rate that's 0.66% lower than it would be otherwise. That could help you find the best auto loan rates and save a significant amount of money over the long term.

Negotiate the final price

Another way to find the best auto loan rates is to negotiate the final price. That can be especially helpful if you're financing a used car and paying less than the blue book value. Dealerships make a lot of their profit from the financing side of things, so don't be afraid to try to knock a few bucks off the price of the loan. You can try negotiating the final price before you begin the process of financing. That way, you can make sure to get a competitive interest rate and a payment that's manageable.

Summing up

When it comes to finding the best auto loan rates and saving money, the best advice is to shop around and negotiate as much as possible upfront. That way, you can rest assured that you got the best possible deal on your loan and know exactly how much you'll have to pay each month. And remember, you can always refinance your loan later on if you can find a better deal.



Auto loan rates comparison table

Lender

Est. Payment

Starting APR

Term

Est. Fees

Sun Trust

Sun Trust

$886

5.99%

24

$1,264

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Sun Trust

Sun Trust

$608

5.99%

36

$1,888

Apply Now

US Bank

US Bank

$621

7.36%

36

$2,356

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Penfed Credit Union

Penfed Credit Union

$602

5.24%

36

$1,672

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MyAutoLoan.com

MyAutoLoan.com

$590

3.99%

36

$1,240

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Sun Trust

Sun Trust

$470

5.99%

48

$2,560

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Penfed Credit Union

Penfed Credit Union

$465

5.49%

48

$2,320

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Bank of America

Bank of America

$379

5.19%

60

$2,740

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Sun Trust

Sun Trust

$392

6.59%

60

$3,520

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Penfed Credit Union

Penfed Credit Union

$382

5.54%

60

$2,920

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MyAutoLoan.com

MyAutoLoan.com

$366

3.69%

60

$1,960

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Sun Trust

Sun Trust

$347

7.59%

72

$4,984

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Penfed Credit Union

Penfed Credit Union

$330

5.84%

72

$3,760

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MyAutoLoan.com

MyAutoLoan.com

$312

3.89%

72

$2,464

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Penfed Credit Union

Penfed Credit Union

$302

7.04%

84

$5,368

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$275

4.19%

84

$3,100

Apply Now



* Rates and fees are based on an average $20,000 loan with good credit.