In 2015, the average 36-month term used car loan interest rate is 2.57 percent. This number can vary greatly dependent upon the borrower's credit rating and location and the lender.
Credit unions often offer lower interest rates to their members and are a good resource for a buyer with a poorer credit rating. The interest rate, which depends on the risk assessment regarding the borrower, can range from around 1.99 to 18 percent. Banks offer used car loans around the average interest rate, but usually only approve borrowers who have good to excellent credit. Auto loans obtained through the car dealership at which the vehicle is purchased tend to be higher than average.