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.
January 2020: New car loans averaged 4.10% APR across 5 lenders, down 0.04 points from December 2019, and the lowest advertised rate was 2.49% from PenFed Credit Union. Used car loans averaged 4.41% APR across 5 lenders, up 0.01 points from December 2019, and the lowest advertised rate was 2.99% from PenFed Credit Union. Refinance loans averaged 4.25% APR across 3 lenders, down 0.03 points from December 2019, and the lowest advertised rate was 3.59% from U.S. Bank. Lease buyout loans averaged 5.07% APR across 2 lenders, up 0.03 points from December 2019, and the lowest advertised rate was 4.09% from Bank of America.
| Lender | Avg advertised APR (January 2020) | Lowest seen |
|---|---|---|
| Bank of America | 2.99% | 2.99% |
| PenFed Credit Union | 3.64% | 2.49% |
| U.S. Bank | 4.11% | 3.59% |
| Truist | 4.64% | 3.99% |
| Chase | 5.14% | 4.99% |
| Lender | Avg advertised APR (January 2020) | Lowest seen |
|---|---|---|
| Bank of America | 3.39% | 3.29% |
| PenFed Credit Union | 4.17% | 2.99% |
| U.S. Bank | 4.24% | 3.59% |
| Truist | 4.64% | 3.99% |
| Chase | 5.61% | 5.44% |
| Lender | Avg advertised APR (January 2020) | Lowest seen |
|---|---|---|
| Bank of America | 3.99% | 3.99% |
| U.S. Bank | 4.11% | 3.59% |
| Truist | 4.64% | 3.99% |
| Lender | Avg advertised APR (January 2020) | Lowest seen |
|---|---|---|
| Bank of America | 4.09% | 4.09% |
| 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, January 2020, https://www.autoloanrate.com/rate-index/january-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.