Average Car Loan Rate 2024. To become a member, all you need to do is open a penfed savings account and deposit $5. Getting a great deal on your used car loan interest rate is an excellent way to save money.

The average auto loan interest rate for new cars in early 2024 was 6.73 percent, while used cars had an average rate of 11.91 percent. The average auto loan interest rate in the first quarter of 2024 was 6.73% for new vehicles and 11.91% for used vehicles, according to experian.