Average advertised APRs across the U.S. lenders we track. Advertised rates assume top-tier credit, so treat them as each lender's floor. Methodology.
August 2020: New car loans averaged 3.20% APR across 4 lenders, down 0.02 points from July 2020, and the lowest advertised rate was 2.14% from PenFed Credit Union. Used car loans averaged 3.42% APR across 4 lenders, down 0.03 points from July 2020, and the lowest advertised rate was 2.84% from U.S. Bank. Refinance loans averaged 3.57% APR across 3 lenders, down 0.04 points from July 2020, and the lowest advertised rate was 2.84% from U.S. Bank. Lease buyout loans averaged 4.65% APR across 2 lenders, down 0.01 points from July 2020, and the lowest advertised rate was 3.59% from Bank of America.
| Lender | Avg advertised APR (August 2020) | Lowest seen |
|---|---|---|
| Bank of America | 2.69% | 2.69% |
| U.S. Bank | 2.91% | 2.84% |
| PenFed Credit Union | 3.05% | 2.14% |
| Truist | 4.13% | 3.49% |
| Lender | Avg advertised APR (August 2020) | Lowest seen |
|---|---|---|
| U.S. Bank | 2.91% | 2.84% |
| Bank of America | 2.99% | 2.99% |
| PenFed Credit Union | 3.65% | 2.99% |
| Truist | 4.13% | 3.49% |
| Lender | Avg advertised APR (August 2020) | Lowest seen |
|---|---|---|
| U.S. Bank | 2.91% | 2.84% |
| Bank of America | 3.67% | 3.59% |
| Truist | 4.13% | 3.49% |
| Lender | Avg advertised APR (August 2020) | Lowest seen |
|---|---|---|
| Bank of America | 3.67% | 3.59% |
| Truist | 5.63% | 4.99% |
This data is published under CC BY 4.0: free to use in articles, research, and reports with attribution and a link. Suggested citation:
Source: AutoLoanRate.com Auto Loan Rate Index, August 2020, https://www.autoloanrate.com/rate-index/august-2020
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Every figure on this page is an average of advertised APRs - the rates lenders publish for their best-qualified borrowers on the shortest common terms. Your own offer depends on credit profile, term length, vehicle age, and state. Two practical uses:
Full collection details, lender coverage, and revision policy: methodology.