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.
September 2023: New car loans averaged 7.38% APR across 5 lenders, up 0.08 points from August 2023, and the lowest advertised rate was 5.94% from PenFed Credit Union. Used car loans averaged 7.63% APR across 5 lenders, up 0.10 points from August 2023, and the lowest advertised rate was 6.39% from Bank of America. Refinance loans averaged 7.66% APR across 4 lenders, up 0.04 points from August 2023, and the lowest advertised rate was 4.49% from MyAutoLoan. Lease buyout loans averaged 7.67% APR across 3 lenders, up 0.03 points from August 2023, and the lowest advertised rate was 5.49% from MyAutoLoan.
| Lender | Avg advertised APR (September 2023) | Lowest seen |
|---|---|---|
| Bank of America | 6.26% | 6.19% |
| PenFed Credit Union | 6.35% | 5.94% |
| MyAutoLoan | 6.43% | 6.18% |
| U.S. Bank | 8.24% | 8.24% |
| Truist | 9.63% | 8.99% |
| Lender | Avg advertised APR (September 2023) | Lowest seen |
|---|---|---|
| Bank of America | 6.52% | 6.39% |
| MyAutoLoan | 6.68% | 6.43% |
| PenFed Credit Union | 7.06% | 6.79% |
| U.S. Bank | 8.24% | 8.24% |
| Truist | 9.63% | 8.99% |
| Lender | Avg advertised APR (September 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.23% | 4.49% |
| Bank of America | 7.29% | 7.19% |
| U.S. Bank | 8.24% | 8.24% |
| Truist | 9.88% | 9.24% |
| Lender | Avg advertised APR (September 2023) | Lowest seen |
|---|---|---|
| MyAutoLoan | 5.87% | 5.49% |
| Bank of America | 7.26% | 7.09% |
| Truist | 9.88% | 9.24% |
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, September 2023, https://www.autoloanrate.com/rate-index/september-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.