Finance rate for used car this level supports earnings for

This level supports earnings for lenders like Santander Consumer USA but may constrain consumer loan applications, a data point investors will watch closely in Q2 reports. Consumer Reports offers expert advice and exclusive data that empowers you to shop smarter and choose a car that fits your needs and budget. Experian data indicates that having an excellent credit score might result in new car loan rates of around 5.27% APR, although you might be able to find a lower-cost loan by shopping around. However, if you have a poor score, it can be harder to qualify for a car loan—and you could pay 15.97% APR or more. Used car loan rates are often higher than new car financing rates. The finance rate for used car loans in the U.S. averaged 7.12% in June 2024, slightly higher than the 6.98% seen in Q