Compare auto loan rates — 2026
The Federal Reserve publishes what banks actually charge on new-car loans. Use it as your benchmark, then pre-qualify with two or three lenders before you set foot in a dealership.
60-month new-car loan national average
7.47%
Federal Reserve Board (G.19) via FRED • 2026-05-01
Bank average across all approved borrowers. Credit unions often price below it, and dealer promotional financing can sit far below or above depending on the manufacturer.
The rate is only half the cost
Stretching a loan from 60 to 84 months lowers the payment and raises the total cost. On a $35,000 loan at 7%, the longer term adds roughly $2,900 of interest and keeps you underwater on the car for years longer.
Watch the add-ons in the finance office too. Gap insurance, paint protection and extended warranties are usually rolled into the loan, so you pay interest on them for the full term.
How to shop in one afternoon
Pre-qualify with a bank or credit union and one online marketplace on the same day. Both use soft pulls, so you get real numbers without touching your score.
Take the best offer to the dealer and ask them to beat the APR rather than the monthly payment. Payment-based negotiation hides term length and add-ons; APR does not.
Where to check your own rate
Editorial disclosure — Some companies listed here are commercial brands. We select them editorially from public regulatory data and are never paid for placement or ranking. Read our full disclosure.
Capital One Auto Finance
Pre-qualify without a hard pull
Min. credit score 500
See if you pre-qualify
Rates vary by profile
National average: 7.47% (FRED)
PenFed Credit Union
Credit union rates — typically lower
Min. credit score 650
See member rates
Rates on penfed.org
National average: 7.47% (FRED)
myAutoloan.com
Compare up to 4 offers
Min. credit score 575
Get up to 4 offers
Multiple lenders
National average: 7.47% (FRED)
Autopay
Best for refinancing
Min. credit score 560
Check refi rate
Soft credit pull to check
National average: 7.47% (FRED)
Rates shown are indicative or national averages. Your actual rate will depend on your credit score, income, loan amount and the provider’s current pricing. Think Bigger Today is not a lender, bank or insurer. The buttons above open each company’s official website in a new tab, or a partner link where one exists and is labelled as such. Whether a company pays us has no bearing on its data, its score or its position in the ranking above.
Frequently asked questions
What is a good auto loan rate right now?
Compare your quote to the Federal Reserve's 60-month new-car average shown above. Buyers with credit scores above 720 usually land below it; scores under 620 typically pay several points more.
Should I get financing before visiting the dealer?
Yes. A pre-qualified offer in hand turns the dealer's finance office into a competitor rather than your only option. Dealers can still beat it, and then you simply take the cheaper deal.
Does pre-qualifying for a car loan hurt my credit?
Most of the lenders here pre-qualify with a soft pull that has no score impact. The hard pull happens only when you formally accept an offer, and enquiries inside a 14-day window count as one.
Is refinancing an existing car loan worth it?
It is worth checking if your credit improved since purchase or you financed at the dealership. There is no closing cost on most auto refinances, so the break-even is immediate when the rate drops.
Other comparisons
Think Bigger Today keeps its editorial standards independent of commercial relationships. This review was written by our team using publicly available information, including regulatory filings and published rate sheets. the named company did not review, approve or endorse it, and is not responsible for its accuracy. Companies that work with us commercially get no preferential coverage, scoring or placement. This page may link to our free matching service, for which we can be paid a referral fee — that fee never decides what we publish, and you may or may not be matched with the named company. Figures can change without notice; always confirm the current terms with the provider. Nothing here is financial, legal or tax advice.