Looking to change car and find the best new car loan rate? See rates by state and credit scores plus advice on how to save money on your new car loan.
New Car Loans Rates by State & Credit –
Find new car loan rates by car value, loan length and credit score: see rates nationally, for banks, credit unions, online lenders and dealers (national rates are for 7 years and $30,000 to $60,000 car value).
Click on your state to see all its rates (car value, loan length and credit score).
| Credit Score | |||||
| 750+ | 700–749 | 650–699 | 600–649 | ||
| Nationally | 5.23% | 7.08% | 5.83% | 7.33% | |
| Credit Unions | 4.83% | 6.68% | 5.48% | 7.03% | |
| Online lenders | 4.93% | 6.78% | 5.58% | 7.13% | |
| Banks | 5.23% | 7.08% | 5.83% | 7.33% | |
| Dealers | 4.21% | 7.08% | 7.33% | 10.33% | |
| Under $30K | 48 months | 5.08% | 6.25% | 5.58% | 6.33% |
| 66 months | 5.47% | 6.53% | 5.97% | 6.72% | |
| 78 months | 4.66% | 5.58% | 5.16% | 5.91% | |
| 84 months | 5.96% | 7.66% | 6.51% | 7.66% | |
| $30K–$60K | 48 months | 5.31% | 6.94% | 5.86% | 7.01% |
| 66 months | 5.64% | 7.15% | 6.19% | 7.34% | |
| 78 months | 5.88% | 7.26% | 6.43% | 7.58% | |
| 84 months | 5.23% | 7.08% | 5.83% | 7.33% | |
| Over $60K | 48 months | 5.53% | 7.32% | 6.13% | 7.63% |
| 66 months | 5.94% | 7.62% | 6.54% | 8.04% | |
| 78 months | 6.14% | 7.68% | 6.74% | 8.24% | |
| 84 months | 3.50% | 3.75% | 4.00% | 4.75% | |
| 7 Years (84 months) Rates by State | |||||
| Alabama | 4.34% | 4.67% | 4.92% | 6.10% | |
| Alaska | 4.96% | 5.29% | 5.54% | 6.72% | |
| Arizona | 5.35% | 5.68% | 5.93% | 7.11% | |
| Arkansas | 4.45% | 4.78% | 5.03% | 6.21% | |
| California | 6.00% | 7.40% | 6.75% | 8.10% | |
| Colorado | 5.40% | 5.68% | 5.98% | 7.13% | |
| Connecticut | 6.10% | 6.43% | 6.68% | 7.86% | |
| Delaware | 5.40% | 5.73% | 5.98% | 7.16% | |
| Florida | 5.65% | 5.98% | 6.23% | 7.41% | |
| Georgia | 4.95% | 5.28% | 5.53% | 6.71% | |
| Hawaii | 6.30% | 6.63% | 6.88% | 8.06% | |
| Idaho | 4.95% | 5.28% | 5.53% | 6.71% | |
| Illinois | 5.40% | 5.73% | 5.98% | 7.16% | |
| Indiana | 4.85% | 5.18% | 5.43% | 6.61% | |
| Iowa | 4.95% | 5.28% | 5.53% | 6.71% | |
| Kansas | 5.15% | 5.48% | 5.73% | 6.91% | |
| Kentucky | 4.95% | 5.28% | 5.53% | 6.71% | |
| Louisiana | 4.55% | 4.88% | 5.13% | 6.31% | |
| Maine | 5.40% | 5.73% | 5.98% | 7.16% | |
| Maryland | 5.65% | 5.98% | 6.23% | 7.41% | |
| Massachusetts | 6.00% | 6.25% | 6.55% | 7.70% | |
| Michigan | 5.15% | 5.48% | 5.73% | 6.91% | |
| Minnesota | 5.65% | 5.98% | 6.23% | 7.41% | |
| Mississippi | 4.45% | 4.78% | 5.03% | 6.21% | |
| Missouri | 4.85% | 5.18% | 5.43% | 6.61% | |
| Montana | 5.15% | 5.48% | 5.73% | 6.91% | |
| Nebraska | 4.95% | 5.28% | 5.53% | 6.71% | |
| Nevada | 5.65% | 5.98% | 6.23% | 7.41% | |
| New Hampshire | 5.40% | 5.73% | 5.98% | 7.16% | |
| New Jersey | 6.00% | 6.33% | 6.58% | 7.76% | |
| New Mexico | 4.95% | 5.28% | 5.53% | 6.71% | |
| New York | 6.10% | 6.45% | 6.69% | 7.89% | |
| North Carolina | 4.85% | 5.18% | 5.43% | 6.61% | |
| North Dakota | 5.45% | 5.78% | 6.03% | 7.21% | |
| Ohio | 4.85% | 5.18% | 5.43% | 6.61% | |
| Oklahoma | 4.55% | 4.88% | 5.13% | 6.31% | |
| Oregon | 5.85% | 6.18% | 6.43% | 7.61% | |
| Pennsylvania | 5.65% | 5.98% | 6.23% | 7.41% | |
| Rhode Island | 5.65% | 5.98% | 6.23% | 7.41% | |
| South Carolina | 4.95% | 5.28% | 5.53% | 6.71% | |
| South Dakota | 5.45% | 5.78% | 6.03% | 7.21% | |
| Tennessee | 4.60% | 4.93% | 5.18% | 6.36% | |
| Texas | 4.85% | 5.10% | 5.40% | 6.55% | |
| Utah | 5.65% | 5.98% | 6.23% | 7.41% | |
| Vermont | 5.40% | 5.73% | 5.98% | 7.16% | |
| Virginia | 4.95% | 5.28% | 5.53% | 6.71% | |
| Washington | 5.85% | 6.18% | 6.43% | 7.61% | |
| West Virginia | 4.60% | 4.93% | 5.18% | 6.36% | |
| Wisconsin | 5.25% | 5.58% | 5.83% | 7.01% | |
| Wyoming | 4.95% | 5.28% | 5.53% | 6.71% | |
Source: MFP’s Users survey (over 44,392 users) who shared their new car loan annual percentage interest rate (APR) in the last 30 days.
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Best Local Auto Loans by State
Time to think about auto financing? You can see most recommended auto lenders in your state and most major metro areas by selecting your state below. You’ll also find each lenders rated and rating by types of lenders (credit unions, banks and online lenders).
What These Rates Mean for You
The national rates in the table above reflect 84-month loans on vehicles valued between $30,000 and $60,000. They give you a reliable baseline, but your actual rate will shift based on where you live, what you’re buying, and how long you plan to pay.
New car rates run lower than used car rates across every lender type. Lenders see a brand-new vehicle as safer collateral — it has a known value, no mileage history, and depreciates more predictably than a used car.
Dealers play a bigger role on new car loans than on used ones. Manufacturers regularly subsidize financing through their dealer networks to move inventory, which means dealer rates can beat credit unions and banks for borrowers with strong credit.
MFP Tip: Click your state in the table above to see rates broken down by vehicle price and loan term. State rates on new car loans can differ from national averages by 1 to 2 percentage points.
What Affects Your New Car Loan Rate
Lenders use several factors when setting your rate. Here’s what moves the needle most on new car loans.
- Credit score: The biggest factor by far. A strong credit score unlocks the lowest rate tiers and makes you eligible for manufacturer-subsidized financing through dealerships.
- Loan term: Shorter loans carry lower rates. A 48-month loan costs less in total interest than an 84-month loan on the same vehicle, even if the monthly payment feels higher.
- Vehicle price tier: New car lenders price loans differently based on how much you borrow. Rates for vehicles under $30,000 differ from rates on vehicles over $60,000. Check the table above to see how your price range affects your rate.
- Down payment: A larger down payment reduces how much you borrow and lowers the lender’s risk. That often translates to a better rate offer.
- Debt-to-income ratio: Lenders check how much of your monthly income already goes toward existing debt. A high ratio signals risk and can push your rate up or limit your loan options.
- Loan-to-value ratio (LTV): Borrowing close to or more than the car’s purchase price makes lenders cautious. Staying comfortably below 100% LTV improves your approval odds and your rate.
How to Get the Best New Car Rate
Follow these steps before you commit to any financing.
Check Your Credit Score First
Most banks and credit cards offer free credit score access. Know your number before you shop so you know which rate tier to expect and whether it’s worth spending a few months improving your score before buying.
Check Manufacturer Financing Deals Before Anything Else
Automakers regularly offer subsidized financing rates through their dealer networks — sometimes as low as 0% APR on select models. These deals are only available on new cars and only through the dealership. Check the manufacturer’s website for current offers before you contact any other lender.
Understand When 0% APR Is Actually Worth It
A 0% APR offer sounds like a clear win, but it isn’t always. Manufacturers often require you to choose between 0% financing and a cash rebate. Run both scenarios through the calculator above to see which saves you more money over the full loan term.
Get Quotes from at Least Three Lender Types
Credit unions, banks, and online lenders all price new car loans differently. Getting quotes from multiple sources gives you a real market rate to benchmark against the dealer’s offer. Even if you plan to take dealer financing, outside quotes give you negotiating leverage.
Get Pre-approved Before Visiting a Dealership
A pre-approval letter from a bank or credit union gives you a budget and a fallback rate. The dealer knows you can walk away from their financing if it doesn’t beat what you already have.
Pick the Shortest Loan Term You Can Afford
Your monthly payment goes up with a shorter term, but your total interest paid goes down. New cars lose value quickly in the first two years. A shorter loan keeps you from owing more than the car is worth for an extended period.
Shop All Your Rate Quotes Within a Short Window
Multiple credit checks for auto loans made within 14 to 45 days count as a single inquiry under most credit scoring models. Your score won’t take repeated hits if you shop efficiently.
MFP Tip: Don’t skip credit unions. Many have open membership through employer groups, community organizations, or a small savings account deposit. On new car loans without manufacturer incentives, credit unions consistently beat banks on rate.
Dealers, Credit Unions, Banks and Online Lenders: Which One Wins?
New car financing works differently from used car financing. Dealers have a stronger advantage here, but only under the right conditions.
Dealers
Dealers are the most competitive lender for new car buyers with excellent credit. Manufacturer-subsidized financing lets dealers offer rates that banks and credit unions simply can’t match when incentive programs are running. That advantage narrows quickly as credit scores drop, and dealer rates become the most expensive option for borrowers with fair credit.
Credit Unions
Credit unions offer the most consistent rates for borrowers who don’t qualify for manufacturer incentives or whose credit score falls below 700. They beat banks at every credit tier and stay competitive even when dealer promotions aren’t available.
Online Lenders
Online lenders price new car loans close to credit unions and are worth including in your comparison. Approvals are fast and the process is straightforward, making them a good benchmark before you walk into a dealership.
Banks
Banks land near the national average on new car loans. An existing relationship with your bank sometimes unlocks slightly better terms, so it’s worth requesting a quote even if you expect to go elsewhere.
MFP Tip: Always check whether a manufacturer incentive is currently running on the model you want before contacting other lenders. If one is available and your credit qualifies, it will likely be the best rate in the market for that vehicle.
FAQs – New Car Loan Rates
Is 0% APR financing always the best deal?
Not always. Manufacturers often require you to choose between 0% APR and a cash rebate. If the rebate is large enough, taking a standard loan rate and applying the rebate as a down payment can save you more money overall. Use the calculator above to run both scenarios before deciding.
Should I finance through the dealer or my bank?
It depends on your credit score and whether manufacturer incentives are available. With excellent credit and an active incentive program, dealer financing often wins. Without incentives or with a lower credit score, your bank or a credit union will likely offer a better rate. Get quotes from both before committing.
How does the car price affect my rate?
Lenders price new car loans differently based on the vehicle’s value. The table above breaks rates down by three price tiers: under $30,000, $30,000 to $60,000, and over $60,000. More expensive vehicles don’t always carry higher rates — it depends on the lender type and your credit score.
Do rates change based on the make or model?
Standard lenders like banks and credit unions don’t adjust rates based on the brand. Dealer rates can vary by make and model because manufacturer financing programs differ across automakers. A brand running a strong incentive program this month may offer a lower rate than a brand that isn’t.
Does a bigger down payment lower my rate?
A larger down payment reduces your loan amount and your loan-to-value ratio, both of which lower lender risk. That can improve your rate offer, especially if your credit score puts you near the boundary between two rate tiers. On a new car, putting down 10 to 20% also protects you from going underwater quickly as the vehicle depreciates.
Why do new car rates vary by state?
State rates reflect local lending competition, credit union density, and state-level regulations that affect how lenders price loans. States with more active credit unions and stronger lender competition tend to have lower rates. Click your state in the table to see how your local market compares to the national average.
Can I refinance a new car loan later?
Yes. If your credit score improves or market rates drop after you take out the loan, refinancing follows the same process as the original loan. One thing to watch: if you took a 0% APR dealer loan, refinancing means giving up that rate. Only refinance a subsidized loan if you have a compelling reason, such as needing to lower your monthly payment by extending the term.