What is the average car loan interest rate?
7.54% for a 60-month new car loan at U.S. commercial banks in August 2026, 7.47% for 48 months and 7.17% for 72 months (Federal Reserve G.19). Used cars and lower credit scores pay more.
Average car loan rate: 7.54% for 60 months
New cars, commercial banks, August 2026 · 48 months 7.47%, 72 months 7.17%
48 months7.47%new car, banks
60 months7.54%August 2025: 7.64%
72 months7.17%new car, banks
Finance companies6.31%new car, June 2026
Your payment at the average rates
48 months at 7.47% costs the least interest
$846 a month- 48 months at 7.47%
- $846 a month, $5,597 interest
- 60 months at 7.54%
- $702 a month, $7,120 interest
- 72 months at 7.17%
- $600 a month, $8,170 interest
New car loan rates since 1972
| Year | 48 months | 60 months | 72 months |
|---|---|---|---|
| 2026 so far | 7.44% | 7.40% | 7.22% |
| 2025 | 7.62% | 7.65% | 7.80% |
| 2024 | 8.49% | 8.16% | 8.29% |
| 2023 | 7.96% | 7.83% | 7.89% |
| 2022 | 5.62% | 5.35% | 5.50% |
| 2021 | 5.05% | 4.82% | 4.82% |
| 2020 | 5.09% | 5.02% | 5.21% |
| 2019 | 5.39% | 5.31% | 5.36% |
| 2018 | 5.03% | 5.01% | 5.13% |
| 2017 | 4.60% | 4.33% | 4.50% |
| 2016 | 4.30% | 4.14% | 4.10% |
| 2015 | 4.19% | 4.20% | 4.45% |
| 2014 | 4.24% | 4.25% | — |
| 2013 | 4.43% | 4.46% | — |
| 2012 | 4.91% | 4.82% | — |
| 2011 | 5.73% | 5.70% | — |
| 2010 | 6.21% | 6.28% | — |
| 2009 | 6.72% | 6.80% | — |
| 2008 | 7.02% | 7.04% | — |
| 2007 | 7.77% | 7.71% | — |
| 2006 | 7.71% | 7.80% | — |
| 2005 | 7.07% | — | — |
| 2004 | 6.60% | — | — |
| 2003 | 6.94% | — | — |
| 2002 | 7.61% | — | — |
| 2001 | 8.50% | — | — |
| 2000 | 9.34% | — | — |
| 1999 | 8.44% | — | — |
| 1998 | 8.72% | — | — |
| 1997 | 9.02% | — | — |
| 1996 | 9.05% | — | — |
| 1995 | 9.57% | — | — |
| 1994 | 8.12% | — | — |
| 1993 | 8.09% | — | — |
| 1992 | 9.29% | — | — |
| 1991 | 11.14% | — | — |
| 1990 | 11.78% | — | — |
| 1989 | 12.07% | — | — |
| 1988 | 10.86% | — | — |
| 1987 | 10.45% | — | — |
| 1986 | 11.33% | — | — |
| 1985 | 12.91% | — | — |
| 1984 | 13.71% | — | — |
| 1983 | 13.92% | — | — |
| 1982 | 16.82% | — | — |
| 1981 | 16.54% | — | — |
| 1980 | 14.30% | — | — |
| 1979 | 12.02% | — | — |
| 1978 | 11.02% | — | — |
| 1977 | 10.92% | — | — |
| 1976 | 11.07% | — | — |
| 1975 | 11.36% | — | — |
| 1974 | 10.97% | — | — |
| 1973 | 10.21% | — | — |
| 1972 | 10.05% | — | — |
Average of the published rates in each year. Blank before a term was surveyed.
Source: Federal Reserve, G.19 Consumer Credit, data through August 2026.
Cite or link to this page
Citation
insytesBI. (2026). Average car loan rate: 7.54% for 60 months. Data: Federal Reserve, G.19 Consumer Credit, August 2026. https://www.insytesbi.com/economy/car-loan-rates/Link
<a href="https://www.insytesbi.com/economy/car-loan-rates/">Average car loan rate: 7.54% for 60 months</a>Frequently asked questions
Is a 72-month car loan a good idea?
The payment is lower but the interest is higher. On $35,000, 60 months at 7.54% costs $702 a month and $7,120 of interest; 72 months at 7.17% costs $600 a month and $8,170.
What do dealer and captive lenders charge?
New car loans at auto finance companies, which include the carmakers’ own lenders, averaged 6.31% in June 2026. Their promotional rates pull that average below the banks’.
How much does a 1% lower rate save?
On a $35,000 60-month loan, 6.54% instead of 7.54% saves $991 of interest.
How often is this updated?
Bank car loan rates are surveyed once a quarter and published in the Federal Reserve’s monthly consumer credit report.