Car loan rates today
Auto loan rates stand at 7.47% in the latest published reading of May 1, 2026, according to Federal Reserve Board (G.19), via FRED. Auto loan rates today from the Federal Reserve G.19 consumer credit release, by term, with the 12-month range and the factors that move a car loan quote.
New car loan, 60-month bank rate
7.47%
Federal Reserve Board (G.19), via FRED, observation of May 1, 2026.
- One month ago
- 7.47%
- One year ago
- 7.63%
- 12-month high
- 7.63%
- 12-month low
- 7.37%
| Series | Now | Observed | 1 month ago | 1 year ago | 12-month change | 12-month range |
|---|---|---|---|---|---|---|
| New car loan, 60-month bank rate | 7.47% | 7.47% | 7.63% | -0.16 pts | 7.37% – 7.63% | |
| New car loan, 72-month finance company rate | 6.97% | 6.97% | 7.73% | -0.76 pts | 6.97% – 7.80% | |
| Federal funds rate | 3.63% | 3.63% | 4.33% | -0.70 pts | 3.63% – 4.33% |
Sources: Federal Reserve Board (G.19), via FRED; Federal Reserve Board (G.19), via FRED; Federal Reserve via FRED.
What moves auto loan rates
- The Federal Reserve's policy rate, which sets banks' cost of funds and feeds through to consumer loan pricing.
- Term length. Longer terms carry higher rates and far more total interest, and they keep you in negative equity for longer.
- New versus used. Used-car loans price above new because the collateral depreciates faster and is harder to value.
- Captive-lender promotions. Manufacturer financing offers can sit far below market on specific models, funded by the maker rather than a bank.
We publish what has been observed and who published it. We do not forecast where this rate goes next.
A new car payment usually means a new insurance quote
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Frequently asked questions
What is the average car loan rate?
The headline figure on this page is the average commercial bank rate for a new-car loan published by the Federal Reserve in the G.19 release, with its observation date shown.
Does a longer term lower the cost?
It lowers the monthly payment and raises the total cost, because you pay a higher rate for more months. The calculator on this page shows both numbers side by side.