US borrowing · Practical next steps
Compare dealer and outside auto financing
Compare written dealer, bank or credit union financing using the same vehicle price. See monthly payment and total outlay with trade-ins, rebates and fees.
Use the same negotiated vehicle price
Use amounts from the written buyer’s order and quotes. If taxes or vehicle price differ between offers, ask for itemized quotes on the same basis first. Use the note rate for payments. Compare any disclosed APR separately.
The example figures are illustrative. Replace them with your own terms.
Amount financed = vehicle price + purchase taxes and fees + trade payoff − trade allowance − cash down − rebate + financed add-ons and lender fees. Estimated cash outlay includes scheduled payments, cash down and fees paid separately. Trade equity affects the amount financed and is shown separately. The estimate assumes monthly fixed-rate amortization without early repayment or daily interest adjustments.
CFPB auto loan shopping worksheet · Explore negative equity · Dealer and preapproval checklist
New-auto loan benchmarks by term
For , the latest observation in this snapshot, the averages were 7.54% APR at 60 months and 7.17% APR at 72 months.
Coverage is new-vehicle installment loans at surveyed U.S. commercial banks. The Federal Reserve publishes quarterly observations for these series. It gives context for a new-car quote. Use the disclosed APR to compare APRs and enter the note rate in the payment model. Dealer incentives, credit unions, used-car loans and other terms are outside this benchmark.
| Observation month | 60-month APR | 72-month APR |
|---|---|---|
| 7.64% | 7.80% | |
| 7.24% | 7.50% | |
| 7.53% | 7.53% | |
| 7.14% | 6.97% | |
| 7.54% | 7.17% |
Federal Reserve G.19 release dated · 60-month FRED series · 72-month FRED series
Scope and next steps
Educational planning only. Confirm actual costs, dates and terms before making commitments. Financial disclaimer · Editorial standards.