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 2023: New car loans averaged 7.30% APR across 5 lenders, up 0.18 points from July 2023, and the lowest advertised rate was 5.75% from MyAutoLoan. Used car loans averaged 7.53% APR across 5 lenders, up 0.18 points from July 2023, and the lowest advertised rate was 5.99% from MyAutoLoan. Refinance loans averaged 7.62% APR across 4 lenders, up 0.11 points from July 2023, and the lowest advertised rate was 3.99% from MyAutoLoan. Lease buyout loans averaged 7.64% APR across 3 lenders, up 0.06 points from July 2023, and the lowest advertised rate was 5.42% from MyAutoLoan.
| Lender | Avg advertised APR (August 2023) | Lowest seen |
|---|---|---|
| Bank of America | 6.29% | 6.19% |
| PenFed Credit Union | 6.35% | 5.94% |
| MyAutoLoan | 6.40% | 5.75% |
| U.S. Bank | 7.85% | 7.66% |
| Truist | 9.61% | 8.99% |
| Lender | Avg advertised APR (August 2023) | Lowest seen |
|---|---|---|
| Bank of America | 6.49% | 6.39% |
| MyAutoLoan | 6.65% | 5.99% |
| PenFed Credit Union | 7.06% | 6.79% |
| U.S. Bank | 7.85% | 7.66% |
| Truist | 9.61% | 8.99% |
| Lender | Avg advertised APR (August 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.21% | 3.99% |
| Bank of America | 7.29% | 7.19% |
| U.S. Bank | 8.12% | 8.09% |
| Truist | 9.86% | 9.24% |
| Lender | Avg advertised APR (August 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.86% | 5.42% |
| Bank of America | 7.19% | 7.09% |
| Truist | 9.86% | 9.24% |
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 2023, https://www.autoloanrate.com/rate-index/august-2023
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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.