Auto loans play a critical role in the US economy both as a major contributor to the US GDP, as well as a key factor in the household budgets of most families across the country. Not only does the automobile employ 11% of the total US workforce, the personal car also represents the main choice for the majority of Americans to commute to work. According to the latest US Census data over 86% of the American workforce (16 years of age and above) are driving or carpooling to work, for an average of 16 miles per day. Thus the ability to have access to a car can have a significant impact on a family’s earning potential. Access to reasonable sources of auto financing can maintain and boost car sales, thus preserving jobs and helping the overall economy.
Average New Car Interest Rates
| Month | Commercial Banks | Finance Companies |
|---|---|---|
| May 2022 | 4.85% | 4.98% |
| Feb 2022 | 4.55% | 4.41% |
| Nov 2021 | 4.67% | 4.37% |
| Aug 2021 | 4.6% | 4.54% |
| May 2021 | 5.05% | 4.86% |
| Feb 2021 | 4.96% | 4.79% |
| Nov 2020 | 4.8% | 5.07% |
| Aug 2020 | 4.98% | 4.98% |
| May 2020 | 5.14% | 4.8% |
| Feb 2020 | 5.15% | 6.13% |
| Nov 2019 | 5.37% | 6.11% |
| Aug 2019 | 5.27% | 6.37% |
| May 2019 | 5.36% | 6.68% |
| Feb 2019 | 5.24% | 6.48% |
| Nov 2018 | 5.36% | 6.7% |
| Aug 2018 | 4.96% | 6.43% |
| May 2018 | 4.99% | 6.16% |
| Feb 2018 | 4.75% | 5.24% |
| Nov 2017 | 4.51% | 5.29% |
| Aug 2017 | 4.36% | 5.44% |
| May 2017 | 4.24% | 5.61% |
| Feb 2017 | 4.21% | 5.1% |
| Nov 2016 | 4.05% | 4.94% |
| Aug 2016 | 4.25% | 4.98% |
| May 2016 | 4.15% | 5.04% |
| Feb 2016 | 4.11% | 5.25% |
| Nov 2015 | 4.05% | 5.03% |
| Aug 2015 | 4.25% | 4.92% |
| May 2015 | 4.21% | 5.38% |
| Feb 2015 | 4.27% | 5.19% |
| Nov 2014 | 4.07% | 4.82% |
| Aug 2014 | 4.11% | 4.68% |
| May 2014 | 4.46% | 5.03% |
| Feb 2014 | 4.37% | 5.01% |
| Nov 2013 | 4.42% | 4.69% |
| Aug 2013 | 4.46% | 4.43% |
| May 2013 | 4.13% | 4.78% |
| Feb 2013 | 4.69% | 4.8% |
| Nov 2012 | 4.82% | 4.53% |
| Aug 2012 | 4.88% | 4.74% |
| May 2012 | 4.88% | 4.77% |
| Feb 2012 | 5.07% | 4.51% |
| Nov 2011 | 5.4% | 4.54% |
| Aug 2011 | 5.89% | 4.46% |
| May 2011 | 5.79% | 4.4% |
| Feb 2011 | 5.85% | 4.42% |
| Nov 2010 | 5.87% | 4.63% |
| Aug 2010 | 6.24% | 4.01% |
| May 2010 | 6.26% | 4.13% |
| Feb 2010 | 6.45% | 4.72% |
| Nov 2009 | 6.55% | 3.73% |
| Aug 2009 | 6.61% | 4.06% |
| May 2009 | 6.79% | 3.47% |
| Feb 2009 | 6.92% | 3.17% |
| Nov 2008 | 7.06% | 6.43% |
| Aug 2008 | 6.92% | 5.11% |
| May 2008 | 6.84% | 5.82% |
| Feb 2008 | 7.27% | 5.37% |
| Nov 2007 | 7.59% | 4.72% |
| Aug 2007 | 7.82% | 4.65% |
| May 2007 | 7.92% | 5.18% |
| Feb 2007 | 7.74% | 4.49% |
| Nov 2006 | 7.92% | 5.14% |
| Aug 2006 | 7.95% | 4% |
| May 2006 | 7.6% | 6.18% |
| Feb 2006 | 7.39% | 6.32% |
| Nov 2005 | 7.43% | 7.34% |
| Aug 2005 | 7.08% | 6.3% |
| May 2005 | 6.92% | 5.73% |
| Feb 2005 | 6.86% | 5.15% |
| Nov 2004 | 6.71% | 5.95% |
| Aug 2004 | 6.55% | 6.15% |
| May 2004 | 6.43% | 4.21% |
| Feb 2004 | 6.72% | 3.46% |
| Nov 2003 | 6.82% | 4.31% |
| Aug 2003 | 6.76% | 3.98% |
| May 2003 | 7.05% | 2.74% |
| Feb 2003 | 7.11% | 4.5% |
| Nov 2002 | 7.34% | 3.74% |
| Aug 2002 | 7.58% | 2.37% |
| May 2002 | 7.74% | 6.31% |
| Feb 2002 | 7.8% | 6.22% |
| Nov 2001 | 7.86% | 2.96% |
| Aug 2001 | 8.3% | 6.55% |
| May 2001 | 8.67% | 6.7% |
| Feb 2001 | 9.17% | 7.2% |
| Nov 2000 | 9.64% | 5.84% |
| Aug 2000 | 9.62% | 7.28% |
| May 2000 | 9.22% | 6.72% |
| Feb 2000 | 8.88% | 7.44% |
| Nov 1999 | 8.67% | 7.47% |
| Aug 1999 | 8.44% | 6.31% |
| May 1999 | 8.31% | 6.69% |
| Feb 1999 | 8.34% | 6.6% |
| Nov 1998 | 8.62% | 6.65% |
| Aug 1998 | 8.7% | 6.03% |
| May 1998 | 8.69% | 6.41% |
| Feb 1998 | 8.89% | 6.81% |
| Nov 1997 | 8.96% | 7.08% |
| Aug 1997 | 8.99% | 6.25% |
| May 1997 | 9.2% | 7.81% |
| Feb 1997 | 8.92% | 8.13% |
| Nov 1996 | 9.03% | 10.33% |
| Aug 1996 | 9.11% | 10.61% |
| May 1996 | 8.93% | 9.41% |
| Feb 1996 | 9.12% | 9.75% |
| Nov 1995 | 9.36% | 10.67% |
| Aug 1995 | 9.44% | 10.77% |
| May 1995 | 9.78% | 11.49% |
| Feb 1995 | 9.7% | 11.66% |
| Nov 1994 | 8.75% | 10.32% |
| Aug 1994 | 8.41% | 10.24% |
| May 1994 | 7.76% | 9.91% |
| Feb 1994 | 7.54% | 9.01% |
| Nov 1993 | 7.63% | 9% |
| Aug 1993 | 7.98% | 9.32% |
| May 1993 | 8.17% | 9.66% |
| Feb 1993 | 8.57% | 10.33% |
| Nov 1992 | 8.6% | 9.65% |
| Aug 1992 | 9.15% | 8.88% |
| May 1992 | 9.52% | 10.67% |
| Feb 1992 | 9.89% | 10.19% |
| Nov 1991 | 10.61% | 10.79% |
| Aug 1991 | 11.06% | 12.4% |
| May 1991 | 11.28% | 12.95% |
| Feb 1991 | 11.6% | 13.16% |
| Nov 1990 | 11.62% | 12.74% |
| Aug 1990 | 11.89% | 12.62% |
| May 1990 | 11.82% | 12.23% |
Average New Car Interest Rates
Average Used Car Interest Rates Charged by Finance Companies
| Year | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Used Car Loans - Finance Companies | 13.20% | 12.99% | 14.17% | 14.25% | 13.50% | 12.79% | 13.90% | 13.15% | 13.17% | 11.84% | 12.03% | 10.45% | 10.79% | 10.33% |
Average Used Car Interest Rates Charged by Finance Companies
Monthly U.S. Total Market Sales (in millions)
| Month | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| January | 15.49 | 17.29 | 17.31 | 17.31 | N/A |
| February | 14.43 | 16.39 | 17.34 | 17.11 | N/A |
| March | 13.88 | 18.15 | 11.63 | 17.84 | N/A |
| April | 14.95 | 18.78 | 8.961 | 17.16 | N/A |
| May | 13.25 | 17.39 | 12.44 | 17.87 | N/A |
| June | 13.48 | 15.95 | 13.45 | 17.75 | 17.7 |
| July | 13.82 | 15.1 | 15.09 | 17.6 | 17.4 |
| August | N/A | 13.5 | 15.68 | 17.65 | 17.31 |
| September | N/A | 12.69 | 16.7 | 17.71 | 17.8 |
| October | N/A | 13.49 | 16.85 | 17.23 | 18.14 |
| November | N/A | 13.47 | 16.34 | 17.56 | 17.84 |
| December | N/A | 13 | 16.76 | 17.34 | 17.95 |
Percentage of Cars Sold in U.S. by Month in 2021
Auto Manufacturer Market Share in America 2021