Average Used Car Loan Interest Rates
How do interest rates work for used vehicles?
Interest rates for used vehicles can vary based on several factors, including the loan term, your financial profile, and market conditions. In general, auto interest rates for used cars are slightly higher than those for new vehicles, due to the depreciation of used cars.
Interest Rates and Car Financing
The interest rates on your loan depend largely on your credit profile and the lender’s terms. Make sure to research the best car loan rates currently to avoid overpaying for your loan. To better position yourself for favorable rates, it’s crucial to evaluate your credit score. Learn more by checking our guide to Understand your credit score.
Financing Options for Used Vehicles
When purchasing a used vehicle, there are several financing automobile options tailored to your needs. Whether you’re looking to finance your car over a short or long term, it’s essential to compare different offers to find the best rate available. Lenders consider various factors, such as the age of the vehicle and your credit history, to determine the interest rate you will be offered. Have you found the perfect vehicle? Find out how to finance it.
Maximize Your Chances of Getting a Good Loan
Before applying for a used vehicle loan, it is recommended to review your financial situation. Good credit management not only helps you secure a better auto interest rate but also makes the financing process smoother.
Prime loans
Used Vehicles-
+ 1.3% from last month
No late payment for four years, no bankruptcy or proposal, no collections.
Subprime loans
Used Vehicles-
+ 1% from the last month
Small delays of up to 30 days, unpaid proposal or bankruptcy on day 1.
Deep Subprime loans
Used Vehicles-
Stable in the last month
Several incidents: vehicle seizure, bankruptcies or proposals, late payments, etc.
current used car loan interest rates
Used car loan rates currently start at 7.26%. (subject to variation on year, mileage and term)
Our credit analysts’ role is to secure the most favorable interest rate for you while customizing the payment terms to fit your budget.
starting at 15.90%
starting at 10.99%
starting at 11.49%
starting at 8.79%
starting at 14.99%
starting at 12.75%
starting at 7.26%
à partir de 11.90%
starting at 7.49%
starting at 7.99%
starting at 10.99%
If you have any questions before submitting your car loan prequalification request, you can always consult our Frequently Asked Questions (FAQ) .