See used car loan rates by state and credit scores, loan terms, used car values, by banks, credit unions and online lenders.
Used Car Loans Rates by State & Credit –
Find used 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 | 8.29% | 9.46% | 11.23% | 11.23% | |
| Credit Unions | 7.89% | 9.06% | 10.88% | 10.93% | |
| Online lenders | 7.99% | 9.16% | 10.98% | 11.03% | |
| Banks | 8.29% | 9.46% | 11.23% | 11.23% | |
| Dealers | 7.27% | 9.46% | 12.73% | 14.23% | |
| Used - Under $15,000 | 48 months | 7.72% | 7.89% | 10.66% | 10.66% |
| 66 months | 8.08% | 8.76% | 11.02% | 11.02% | |
| 78 months | 8.54% | 9.31% | 11.48% | 11.48% | |
| 84 months | 8.77% | 9.84% | 11.71% | 11.71% | |
| Used - $15,000–$25,000 | 48 months | 7.36% | 7.59% | 10.30% | 10.30% |
| 66 months | 7.73% | 8.45% | 10.67% | 10.67% | |
| 78 months | 8.22% | 9.04% | 11.16% | 11.16% | |
| 84 months | 8.46% | 9.58% | 11.40% | 11.40% | |
| Used - $25,000–$40,000 | 48 months | 7.23% | 7.50% | 10.17% | 10.17% |
| 66 months | 7.61% | 8.38% | 10.55% | 10.55% | |
| 78 months | 8.05% | 8.92% | 10.99% | 10.99% | |
| 84 months | 8.29% | 9.46% | 11.23% | 11.23% | |
| Used - Over $40,000 | 48 months | 7.59% | 7.91% | 10.53% | 10.53% |
| 66 months | 7.87% | 8.69% | 10.81% | 10.81% | |
| 78 months | 8.29% | 9.21% | 11.23% | 11.23% | |
| 84 months | 8.56% | 9.78% | 11.50% | 11.50% | |
| 7 Years (84 months) Rates by State | |||||
| Alabama | 6.43% | 7.39% | 9.35% | 10.38% | |
| Alaska | 6.66% | 7.62% | 9.58% | 10.61% | |
| Arizona | 6.84% | 7.80% | 9.76% | 10.79% | |
| Arkansas | 7.23% | 8.19% | 10.15% | 11.18% | |
| California | 7.40% | 8.36% | 10.32% | 11.35% | |
| Colorado | 7.83% | 8.79% | 10.75% | 11.78% | |
| Connecticut | 7.98% | 8.94% | 10.90% | 11.93% | |
| Delaware | 8.35% | 9.31% | 11.27% | 12.30% | |
| Florida | 8.32% | 9.28% | 11.24% | 12.27% | |
| Georgia | 8.66% | 9.62% | 11.58% | 12.61% | |
| Hawaii | 6.43% | 7.39% | 9.35% | 10.38% | |
| Idaho | 6.78% | 7.74% | 9.70% | 10.73% | |
| Illinois | 7.09% | 8.05% | 10.01% | 11.04% | |
| Indiana | 7.09% | 8.05% | 10.01% | 11.04% | |
| Iowa | 7.07% | 8.03% | 9.99% | 11.02% | |
| Kansas | 7.40% | 8.36% | 10.32% | 11.35% | |
| Kentucky | 7.85% | 8.81% | 10.77% | 11.80% | |
| Louisiana | 8.10% | 9.06% | 11.02% | 12.05% | |
| Maine | 8.33% | 9.29% | 11.25% | 12.28% | |
| Maryland | 8.41% | 9.37% | 11.33% | 12.36% | |
| Massachusetts | 8.79% | 9.75% | 11.71% | 12.74% | |
| Michigan | 6.48% | 7.44% | 9.40% | 10.43% | |
| Minnesota | 6.83% | 7.79% | 9.75% | 10.78% | |
| Mississippi | 7.02% | 7.98% | 9.94% | 10.97% | |
| Missouri | 7.13% | 8.09% | 10.05% | 11.08% | |
| Montana | 7.54% | 8.50% | 10.46% | 11.49% | |
| Nebraska | 7.60% | 8.56% | 10.52% | 11.55% | |
| Nevada | 7.91% | 8.87% | 10.83% | 11.86% | |
| New Hampshire | 8.26% | 9.22% | 11.18% | 12.21% | |
| New Jersey | 8.43% | 9.39% | 11.35% | 12.38% | |
| New Mexico | 8.86% | 9.82% | 11.78% | 12.81% | |
| New York | 6.51% | 7.47% | 9.43% | 10.46% | |
| North Carolina | 6.75% | 7.71% | 9.67% | 10.70% | |
| North Dakota | 7.10% | 8.06% | 10.02% | 11.05% | |
| Ohio | 7.09% | 8.05% | 10.01% | 11.04% | |
| Oklahoma | 7.51% | 8.47% | 10.43% | 11.46% | |
| Oregon | 7.78% | 8.74% | 10.70% | 11.73% | |
| Pennsylvania | 7.86% | 8.82% | 10.78% | 11.81% | |
| Rhode Island | 8.12% | 9.08% | 11.04% | 12.07% | |
| South Carolina | 8.47% | 9.43% | 11.39% | 12.42% | |
| South Dakota | 8.76% | 9.72% | 11.68% | 12.71% | |
| Tennessee | 6.33% | 7.29% | 9.25% | 10.28% | |
| Texas | 6.66% | 7.62% | 9.58% | 10.61% | |
| Utah | 6.84% | 7.80% | 9.76% | 10.79% | |
| Vermont | 7.30% | 8.26% | 10.22% | 11.25% | |
| Virginia | 7.34% | 8.30% | 10.26% | 11.29% | |
| Washington | 7.85% | 8.81% | 10.77% | 11.80% | |
| West Virginia | 7.94% | 8.90% | 10.86% | 11.89% | |
| Wisconsin | 8.26% | 9.22% | 11.18% | 12.21% | |
| Wyoming | 8.42% | 9.38% | 11.34% | 12.37% | |
Source: MFP’s Users survey (over 44,392 users) who shared their used car loan annual percentage interest rate (APR) in the last 30 days.
Calculate Your Used Car Loan Payments
Best Local Auto Lenders by State
Time to think at auto financing in your state and your metro area? 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.
Used car rates run higher than new car rates across every lender type. That’s because lenders see used vehicles as riskier collateral; they depreciate faster and are harder to value accurately.
Your credit score drives the biggest gap. The difference between excellent credit and fair credit on a used car loan can add thousands of dollars over the life of the loan.
MFP Tip: Click your state in the table above to see rates broken down by vehicle price and loan term. State rates can differ from national averages by 2 to 3 percentage points.
What Affects Your Used Car Loan Rate
Lenders look at more than your credit score when they set your rate. Here’s what they weigh.
- Credit score: The biggest factor by far. Moving from fair credit to excellent credit can cut your rate by 2 to 3 percentage points on a used car loan.
- Loan term: Shorter loans carry lower rates. A 48-month loan on a used car costs less in total interest than the same loan stretched to 84 months, even if the monthly payment feels higher.
- Down payment: A larger down payment reduces how much you borrow. That lowers the lender’s risk, which often translates to a better rate.
- Vehicle age and mileage: Lenders charge more for older, high-mileage vehicles because they lose value faster. A newer car with lower mileage gets a better rate than an older car with heavy use.
- Your Debt-to-income ratio: Lenders check how much of your monthly income already goes toward debt payments. A high ratio signals risk and can push your rate up or block approval entirely.
- Loan-to-value ratio (LTV): Borrowing more than a car is worth puts lenders on edge. Staying below 100% LTV gives you better odds of approval and a lower rate.
How to Get the Best Used Car Rate
Follow these steps before you sign anything.
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 waiting a few months to improve it.
Get Quotes from at Least Three Lender Types
Credit unions, banks, and online lenders all price used car loans differently. Credit unions tend to offer the most consistent rates, especially if your credit isn’t perfect. Online lenders are fast and easy to compare. Banks are worth checking if you have an existing relationship.
Get Pre-approved Before Visiting a Dealership
A pre-approval letter gives you a real budget and negotiating power. The dealer knows you can walk away if their financing isn’t competitive.
Pick the Shortest Loan Term You Can Afford
Your monthly payment goes up, but your total interest paid goes down. The difference between a short and long loan term on a used car can cost thousands in extra interest depending on your rate.
Put Down as Much as You Can
Used cars depreciate quickly. A strong down payment keeps your loan balance from exceeding the car’s value, which protects you financially and signals lower risk to the lender.
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 overlook credit unions. Many have open membership through employer groups, community organizations, or a small savings account deposit. They consistently beat banks and online lenders on used car rates for most credit profiles.
Dealers, Credit Unions, Banks and Online Lenders: Which One Wins?
The right lender depends on your credit score. Here’s how each type plays out on used car loans.
Dealers
Dealers can offer competitive rates for borrowers with excellent credit, often using manufacturer incentives to undercut other lenders. That advantage disappears fast: dealer rates climb steeply as credit scores drop, making them the most expensive option for most buyers once you move below a strong credit score.
Credit Unions
Credit unions offer the most consistent rates across all credit tiers. They beat banks at every credit level and stay far below dealer rates once your score drops below 700.
Online Lenders
Online lenders sit close to credit unions on pricing and are worth including in your comparison. The application process is fast and approvals often come back within hours.
Banks
Banks typically land near the national average. Existing banking relationships sometimes unlock slightly better terms, so it’s worth asking your bank for a quote even if you plan to go with a credit union.
MFP Tip: If your credit score is above 750, get a dealer quote and compare it. If it’s below 700, go straight to credit unions first.
FAQs – Used Car Loan Rates
Why are used car rates higher than new car rates?
Lenders treat used cars as riskier collateral. They depreciate faster, are harder to value accurately, and carry more uncertainty about mechanical condition. That added risk shows up as a higher interest rate, typically 2 to 4 percentage points above new car rates for the same borrower.
What credit score do I need to get a good used car rate?
A score of 700 or above puts you in a much better position. The biggest rate jump happens between the 650-699 range and the 700-749 range. Getting above 750 unlocks the best rates, but even moving from 650 to 700 can save you a meaningful amount per month.
Should I take a 48-month or 84-month used car loan?
Take the shortest term you can comfortably afford. Longer loans lower your monthly payment but cost more in total interest. They also increase the risk of going “upside down” — owing more than the car is worth — which creates problems if you need to sell or the vehicle gets totaled.
Do credit unions always beat banks on used car rates?
In most cases, yes. Credit unions offer lower rates across every credit tier on used car loans. The gap is widest for borrowers with fair or average credit. The only exception tends to be dealers for borrowers with excellent credit, where manufacturer incentives can be hard to beat.
How much does a bigger down payment help?
A larger down payment reduces your loan amount and your loan-to-value ratio. Both lower lender risk and can improve your rate offer. On a used car, putting down 15 to 20% also protects you from going underwater on the loan as the vehicle depreciates.
Can I refinance a used 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. Compare the current rates in the table above against what you’re paying to see if switching makes financial sense.
Why do rates vary so much by state?
State rates reflect local lending competition, the density of credit unions, and state-level regulations that affect how lenders price risk. States with more 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.