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 2023: New car loans averaged 5.94% APR across 5 lenders, up 0.05 points from December 2022, and the lowest advertised rate was 2.69% from MyAutoLoan. Used car loans averaged 6.10% APR across 5 lenders, up 0.05 points from December 2022, and the lowest advertised rate was 2.94% from MyAutoLoan. Refinance loans averaged 5.98% APR across 4 lenders, unchanged from December 2022, and the lowest advertised rate was 2.49% from MyAutoLoan. Lease buyout loans averaged 5.42% APR across 3 lenders, up 0.09 points from December 2022, and the lowest advertised rate was 2.49% from MyAutoLoan.
| Lender | Avg advertised APR (January 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 4.78% | 2.69% |
| Bank of America | 5.38% | 5.29% |
| PenFed Credit Union | 5.80% | 5.39% |
| Truist | 6.69% | 5.99% |
| U.S. Bank | 7.06% | 6.86% |
| Lender | Avg advertised APR (January 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.03% | 2.94% |
| Bank of America | 5.58% | 5.49% |
| PenFed Credit Union | 6.14% | 6.04% |
| Truist | 6.69% | 5.99% |
| U.S. Bank | 7.06% | 6.86% |
| Lender | Avg advertised APR (January 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 2.87% | 2.49% |
| Bank of America | 6.38% | 6.29% |
| Truist | 7.19% | 6.49% |
| U.S. Bank | 7.49% | 7.29% |
| Lender | Avg advertised APR (January 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 2.89% | 2.49% |
| Bank of America | 6.18% | 6.09% |
| Truist | 7.19% | 6.49% |
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 2023, https://www.autoloanrate.com/rate-index/january-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.