Auto loan rates declined significantly in 2020, as the COVID-19 pandemic saw millions of Americans lose their jobs. The average 60-month interest rate on a new car loan fell from 4.60 percent to 4.22 percent. Meanwhile, the average 48-month used car loan rate fell from 5.33 percent to 4.88 percent.
Hereof, can I refinance my car with another dealership?
You can’t refinance your car loan to get another vehicle. The entire point of refinancing is to get a better deal on your current car. Most often, borrowers do this to get a lower monthly auto loan payment. If refinancing isn’t for you, there are still other paths to getting another vehicle.
Besides, is 10 Apr on a car good?
A 10% APR is not good for auto loans. APRs on auto loans tend to range from around 4% to 10%, depending on whether you buy new or used.
Is it worth it to refinance a car for 1 percent?
When is it worth the time? There are no solid rules, but consider this — for every $10,000 borrowed, a drop of 1 percentage point is worth about $5 per month over 48 months.
Is it worth refinancing a car for 3 %?
Interest rates change regularly, so there’s a possibility that rates have fallen since you took out your original auto loan. Even a drop of 2 or 3 percentage points may result in significant savings over the life of your loan.
What are 2022 auto loan rates?
McBride warns that rates are expected to drift higher in the next year, predicting that by the end of 2022 the average interest rate on a five-year new car loan will be 4.4 percent and the average rate for a four-year used car loan will be 4.85 percent.
What is a good APR for a car 2021?
The average new car’s interest rate in 2021 is
| Credit score category | Average loan APR for new car | Average loan APR for used car |
|---|---|---|
| Super Prime (781 to 850) | 2.34% | 3.66% |
What is a good interest rate on a used car 2021?
Although there’s always going to be some wiggle room, the average used car loan interest rates are as follows: Excellent Credit (750 or Higher) – 5.1% APR. Good Credit (700 to 749) – 4.91% APR. Average Credit (600 to 699) – 5.89% APR.
What is the going rate for auto refinance?
What are today’s auto refinance rates? For today, April 11, 2022, the current average auto refinance rate for people with Excellent credit is 2.91% for a 36-month loan, 3.18% for a 48-month loan, 3.20% for a 60-month loan, and 3.69% for a 72-month loan.
What is the lowest interest rate for refinancing a car?
Based on our research, PenFed Credit Union tends to offer some of the lowest interest rates for refinancing auto loans in the industry. Its 1.79% starting APR for refinancing new vehicles is one of the lowest rates our team found.
Where is the best place to refinance a car?
Our Top Picks for Best Auto Refinance Companies
- LendingTree: Best Marketplace.
- rateGenius: Runner-up for Best Marketplace.
- AutoPay: Best Variety of Refinance Options.
- PenFed: Best for Low Auto Refinance Rates.
- Auto Credit Express: Best for Low Credit.
- MyAutoLoan.com: Best for Fair Credit.
- Lightstream: Best for Great Credit.