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 4.5% 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 75% of the American workforce (16 years of age and above) are driving or carpooling to work, for an average time of 25.6 minutes 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 2023 | 7.81% | 6.60% |
| Feb 2023 | 7.48% | 6.41% |
| Nov 2022 | 6.55% | 6.07% |
| Aug 2022 | 5.5% | 5.47% |
| 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 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Used Car Loans - Finance Companies | 14.78% | 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 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| January | 16.54 | 15.49 | 17.29 | 17.31 | 17.31 | N/A |
| February | 15.52 | 14.43 | 16.39 | 17.34 | 17.11 | N/A |
| March | 15.3 | 13.88 | 18.15 | 11.63 | 17.84 | N/A |
| April | 16.48 | 14.95 | 18.78 | 8.961 | 17.16 | N/A |
| May | 15.60 | 13.25 | 17.39 | 12.44 | 17.87 | N/A |
| June | 16.23 | 13.48 | 15.95 | 13.45 | 17.75 | 17.7 |
| July | N/A | 13.82 | 15.1 | 15.09 | 17.6 | 17.4 |
| August | N/A | 13.74 | 13.5 | 15.68 | 17.65 | 17.31 |
| September | N/A | 14.11 | 12.69 | 16.7 | 17.71 | 17.8 |
| October | N/A | 15.77 | 13.49 | 16.85 | 17.23 | 18.14 |
| November | N/A | 14.85 | 13.47 | 16.34 | 17.56 | 17.84 |
| December | N/A | 13.88 | 13 | 16.76 | 17.34 | 17.95 |
Percentage of Cars Sold in U.S. by Month in 2022
Auto Manufacturer Market Share in America 2022
