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.
October 2019: New car loans averaged 4.22% APR across 5 lenders, up 0.01 points from September 2019, and the lowest advertised rate was 2.49% from PenFed Credit Union. Used car loans averaged 4.45% APR across 5 lenders, up 0.02 points from September 2019, and the lowest advertised rate was 3.29% from Bank of America. Refinance loans averaged 4.41% APR across 3 lenders, up 0.04 points from September 2019, and the lowest advertised rate was 3.99% from Truist. Lease buyout loans averaged 5.12% APR across 2 lenders, up 0.03 points from September 2019, and the lowest advertised rate was 4.19% from Bank of America.
| Lender | Avg advertised APR (October 2019) | Lowest seen |
|---|---|---|
| Bank of America | 3.09% | 3.09% |
| PenFed Credit Union | 3.64% | 2.49% |
| U.S. Bank | 4.59% | 4.59% |
| Truist | 4.64% | 3.99% |
| Chase | 5.14% | 5.09% |
| Lender | Avg advertised APR (October 2019) | Lowest seen |
|---|---|---|
| Bank of America | 3.29% | 3.29% |
| PenFed Credit Union | 4.13% | 3.49% |
| U.S. Bank | 4.59% | 4.59% |
| Truist | 4.64% | 3.99% |
| Chase | 5.61% | 5.49% |
| Lender | Avg advertised APR (October 2019) | Lowest seen |
|---|---|---|
| Bank of America | 3.99% | 3.99% |
| U.S. Bank | 4.59% | 4.59% |
| Truist | 4.64% | 3.99% |
| Lender | Avg advertised APR (October 2019) | Lowest seen |
|---|---|---|
| Bank of America | 4.19% | 4.19% |
| 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, October 2019, https://www.autoloanrate.com/rate-index/october-2019
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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.