Lowest New Car Interest Rates March 2024. In august 2024, automotive site edmunds.com listed the average car loan interest rate for july 2024 as 7.1% apr for new car loans and 11.4% apr for used car loans. Autopay currently has the best new car loan rates at 2.99% while consumers credit union has the lowest used car loan apr at 5.79%.

Expensive vehicles plus high interest rates make securing an affordable auto loan challenging — and rates aren’t likely to drop soon. Check out our top car finance deals picks here.