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 |
|---|---|---|
| Feb 1990 | 11.80% | 12.67% |
| May 1990 | 11.82% | 12.23% |
| Aug 1990 | 11.89% | 12.62% |
| Nov 1990 | 11.62% | 12.74% |
| Feb 1991 | 11.60% | 13.16% |
| May 1991 | 11.28% | 12.95% |
| Aug 1991 | 11.06% | 12.40% |
| Nov 1991 | 10.61% | 10.79% |
| Feb 1992 | 9.89% | 10.19% |
| May 1992 | 9.52% | 10.67% |
| Aug 1992 | 9.15% | 8.88% |
| Nov 1992 | 8.60% | 9.65% |
| Feb 1993 | 8.57% | 10.33% |
| May 1993 | 8.17% | 9.66% |
| Aug 1993 | 7.98% | 9.32% |
| Nov 1993 | 7.63% | 9.00% |
| Feb 1994 | 7.54% | 9.01% |
| May 1994 | 7.76% | 9.91% |
| Aug 1994 | 8.41% | 10.24% |
| Nov 1994 | 8.75% | 10.32% |
| Feb 1995 | 9.70% | 11.66% |
| May 1995 | 9.78% | 11.49% |
| Aug 1995 | 9.44% | 10.77% |
| Nov 1995 | 9.36% | 10.67% |
| Feb 1996 | 9.12% | 9.75% |
| May 1996 | 8.93% | 9.41% |
| Aug 1996 | 9.11% | 10.61% |
| Nov 1996 | 9.03% | 10.33% |
| Feb 1997 | 8.92% | 8.13% |
| May 1997 | 9.20% | 7.81% |
| Aug 1997 | 8.99% | 6.25% |
| Nov 1997 | 8.96% | 7.08% |
| Feb 1998 | 8.89% | 6.81% |
| May 1998 | 8.69% | 6.41% |
| Aug 1998 | 8.70% | 6.03% |
| Nov 1998 | 8.62% | 6.65% |
| Feb 1999 | 8.34% | 6.60% |
| May 1999 | 8.31% | 6.69% |
| Aug 1999 | 8.44% | 6.31% |
| Nov 1999 | 8.67% | 7.47% |
| Feb 2000 | 8.88% | 7.44% |
| May 2000 | 9.22% | 6.72% |
| Aug 2000 | 9.62% | 7.28% |
| Nov 2000 | 9.64% | 5.84% |
| Feb 2001 | 9.17% | 7.20% |
| May 2001 | 8.67% | 6.70% |
| Aug 2001 | 8.30% | 6.55% |
| Nov 2001 | 7.86% | 2.96% |
| Feb 2002 | 7.80% | 6.22% |
| May 2002 | 7.74% | 6.31% |
| Aug 2002 | 7.58% | 2.37% |
| Nov 2002 | 7.34% | 3.74% |
| Feb 2003 | 7.11% | 4.50% |
| May 2003 | 7.05% | 2.74% |
| Aug 2003 | 6.76% | 3.98% |
| Nov 2003 | 6.82% | 4.31% |
| Feb 2004 | 6.72% | 3.46% |
| May 2004 | 6.43% | 4.21% |
| Aug 2004 | 6.55% | 6.15% |
| Nov 2004 | 6.71% | 5.95% |
| Feb 2005 | 6.86% | 5.15% |
| May 2005 | 6.92% | 5.73% |
| Aug 2005 | 7.08% | 6.30% |
| Nov 2005 | 7.43% | 7.34% |
| Feb 2006 | 7.39% | 6.32% |
| May 2006 | 7.60% | 6.18% |
| Aug 2006 | 7.95% | 4.00% |
| Nov 2006 | 7.92% | 5.14% |
| Feb 2007 | 7.74% | 4.49% |
| May 2007 | 7.92% | 5.18% |
| Aug 2007 | 7.82% | 4.65% |
| Nov 2007 | 7.59% | 4.72% |
| Feb 2008 | 7.27% | 5.37% |
| May 2008 | 6.84% | 5.82% |
| Aug 2008 | 6.92% | 5.11% |
| Nov 2008 | 7.06% | 6.43% |
| Feb 2009 | 6.92% | 3.17% |
| May 2009 | 6.79% | 3.47% |
| Aug 2009 | 6.61% | 4.06% |
| Nov 2009 | 6.55% | 3.73% |
| Feb 2010 | 6.45% | 4.72% |
| May 2010 | 6.26% | 4.13% |
| Aug 2010 | 6.24% | 4.01% |
| Nov 2010 | 5.87% | 4.63% |
| Feb 2011 | 5.85% | n.a. |
| May 2011 | 5.79% | n.a. |
| Aug 2011 | 5.89% | n.a. |
| Nov 2011 | 5.40% | n.a. |
| Feb 2012 | 5.07% | n.a. |
| May 2012 | 4.88% | n.a. |
| Aug 2012 | 4.88% | n.a. |
| Nov 2012 | 4.82% | n.a. |
| Feb 2013 | 4.69% | n.a. |
| May 2013 | 4.13% | n.a. |
| Aug 2013 | 4.46% | n.a. |
| Nov 2013 | 4.42% | n.a. |
Average New Car Interest Rates
Average Used Car Interest Rates Charged by Finance Companies
| 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|
| Used Car Loans - Finance Companies | 8.74% | 9.41% | 8.16% | 7.73% | |
Average Used Car Interest Rates Charged by Finance Companies
Monthly U.S. Total Market Sales
| Month | 2010 | 2011 | 2012 | 2013 | 2014 |
|---|---|---|---|---|---|
| January | 698986 | 819886 | 913317 | 1043192 | 1011187 |
| February | 780422 | 993566 | 1149547 | 1192299 | 1192467 |
| March | 1066298 | 1246662 | 1404699 | 1453038 | 1537270 |
| April | 982263 | 1157923 | 1184567 | 1285446 | 1391303 |
| May | 1103043 | 1061835 | 1334642 | 1443311 | 1609678 |
| June | 983781 | 1053263 | 1285499 | 1403121 | N/A |
| July | 1050140 | 1059726 | 1153759 | 1313844 | N/A |
| August | 997522 | 1072387 | 1285292 | 1501294 | N/A |
| September | 959008 | 1053770 | 1188899 | 1137206 | N/A |
| October | 950250 | 1021185 | 1092294 | 1206182 | N/A |
| November | 873367 | 994786 | 1143916 | 1243852 | N/A |
| December | 1144806 | 1243784 | 1356070 | 1358734 | N/A |
Percentage of Cars Sold in U.S. by Month
Auto Manufacturer Market Share in America May 2014