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.
February 2020: New car loans averaged 3.95% APR across 5 lenders, down 0.15 points from January 2020, and the lowest advertised rate was 2.49% from PenFed Credit Union. Used car loans averaged 4.22% APR across 5 lenders, down 0.19 points from January 2020, and the lowest advertised rate was 2.99% from PenFed Credit Union. Refinance loans averaged 4.05% APR across 3 lenders, down 0.20 points from January 2020, and the lowest advertised rate was 3.49% from Truist. Lease buyout loans averaged 5.03% APR across 2 lenders, down 0.04 points from January 2020, and the lowest advertised rate was 3.69% from Bank of America.
| Lender | Avg advertised APR (February 2020) | Lowest seen |
|---|---|---|
| Bank of America | 2.94% | 2.69% |
| PenFed Credit Union | 3.49% | 2.49% |
| U.S. Bank | 3.59% | 3.59% |
| Truist | 4.61% | 3.49% |
| Chase | 5.12% | 5.04% |
| Lender | Avg advertised APR (February 2020) | Lowest seen |
|---|---|---|
| Bank of America | 3.40% | 3.09% |
| U.S. Bank | 3.59% | 3.59% |
| PenFed Credit Union | 3.93% | 2.99% |
| Truist | 4.61% | 3.49% |
| Chase | 5.57% | 5.44% |
| Lender | Avg advertised APR (February 2020) | Lowest seen |
|---|---|---|
| U.S. Bank | 3.59% | 3.59% |
| Bank of America | 3.94% | 3.69% |
| Truist | 4.61% | 3.49% |
| Lender | Avg advertised APR (February 2020) | Lowest seen |
|---|---|---|
| Bank of America | 4.00% | 3.69% |
| Truist | 6.05% | 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, February 2020, https://www.autoloanrate.com/rate-index/february-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.