What are the current interest rates on car loans?
Interest rate by loan term. The interest rate you get can also depend on your car's loan term, though not always. In fact, the average interest rate on both a 48- and 60-month car loan from a commercial bank in the third quarter of 2019 was 5.27% , according to the Federal Reserve. While some lenders may charge lower rates for a longer term, others like credit unions offer higher rates on ...
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