Will Car Loan Interest Rates Go Down In 2025. Auto Loan Interest Rates by Credit Score (August 2023) According to Edmunds, the average new vehicle loan rate dropped to 6.6% in December 2024, down from a high of 7.6% in October 2023 So, whether a borrower can afford the vehicle they want may come down to the interest rate they are offered, which largely comes down to the borrower's credit history
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What Influences Car Loan Rates? Interest rates for both new and used vehicles have steadily risen since the pandemic began in 2020, leaving many borrowers facing higher costs Expensive vehicles plus high interest rates make securing an affordable auto loan challenging — and rates aren't likely to drop soon.
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According to Edmunds, the average new vehicle loan rate dropped to 6.6% in December 2024, down from a high of 7.6% in October 2023 This is largely due to the Federal Reserve's decision to slash its federal funds rate three times in the final months. According to the Experian credit bureau, the average monthly auto loan rate for borrowers with "super prime" credit was 5.25% in the second quarter, the latest available.
Auto Loan Interest Rates by Credit Score (August 2023). Bankrate's expert predicts that by the end of 2025, five-year new car loan rates will reach an average of 7.0 percent and four-year used car loans, 7.75 percent According to Edmunds, the average new vehicle loan rate dropped to 6.6% in December 2024, down from a high of 7.6% in October 2023
When Will Auto Loan Rates Go Down? (2024). Going into 2025, new auto loan interest rates were a full percentage point lower than their peak in early 2024, and used car loan rates decreased by half a percentage point This is largely due to the Federal Reserve's decision to slash its federal funds rate three times in the final months.