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.
June 2023: New car loans averaged 6.84% APR across 5 lenders, up 0.25 points from May 2023, and the lowest advertised rate was 5.19% from PenFed Credit Union. Used car loans averaged 7.07% APR across 5 lenders, up 0.25 points from May 2023, and the lowest advertised rate was 5.49% from MyAutoLoan. Refinance loans averaged 7.28% APR across 4 lenders, up 0.32 points from May 2023, and the lowest advertised rate was 4.01% from MyAutoLoan. Lease buyout loans averaged 7.36% APR across 3 lenders, up 0.27 points from May 2023, and the lowest advertised rate was 5.49% from MyAutoLoan.
| Lender | Avg advertised APR (June 2023) | Lowest seen |
|---|---|---|
| PenFed Credit Union | 5.60% | 5.19% |
| MyAutoLoan | 5.68% | 5.29% |
| Bank of America | 6.08% | 5.89% |
| U.S. Bank | 7.58% | 7.46% |
| Truist | 9.27% | 8.49% |
| Lender | Avg advertised APR (June 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.90% | 5.49% |
| Bank of America | 6.28% | 6.09% |
| PenFed Credit Union | 6.31% | 6.04% |
| U.S. Bank | 7.58% | 7.46% |
| Truist | 9.27% | 8.49% |
| Lender | Avg advertised APR (June 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 4.57% | 4.01% |
| Bank of America | 7.00% | 6.89% |
| U.S. Bank | 8.01% | 7.89% |
| Truist | 9.52% | 8.74% |
| Lender | Avg advertised APR (June 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.69% | 5.49% |
| Bank of America | 6.88% | 6.69% |
| Truist | 9.52% | 8.74% |
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, June 2023, https://www.autoloanrate.com/rate-index/june-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.