Auto loan rate report · October 2026
The typical new auto loan starts at 5.00% APR, and the top tenth at 4.25% or less. Where you live and where you borrow decide which you get.
Published October 21, 2026 · Rates checked Oct 15–17
Compare today’s auto loan rates
Each month we compare new and used auto loan rates at the banks and credit unions we track, nationally and by state and metro. These are this month’s findings; each has its own link to share.
Finding 1
On a $30,000, 5-year loan, the typical rate means about $3,968 in interest, and one in the top tenth $3,353 or less.
Source: Carrot Rate, Auto loan rate report, October 2026
Finding 2
The typical credit union’s new auto loan starts at 4.99% APR, a bank’s at 6.60%. Among banks, the largest typically start at 5.99% and those under $10 billion at 6.64%.
Source: Carrot Rate, Auto loan rate report, October 2026
Finding 3
The typical used auto loan starts at 5.25% APR, and the top tenth at 4.49% or less. At credit unions, used loans typically start at 5.24%; at banks, 6.75%.
Source: Carrot Rate, Auto loan rate report, October 2026
Finding 4
The typical new auto loan from lenders with branches in Georgia starts at 4.74% APR, 1.38 points less than in Vermont. Half the states sit between 4.99% and 5.27%.
| State | Typical | Top 10% up to | Institutions |
|---|---|---|---|
| Georgia | 4.74% | 3.89% | 64 |
| North Dakota | 4.87% | 4.35% | 20 |
| Illinois | 4.90% | 4.00% | 134 |
| Maine | 4.90% | 4.39% | 48 |
| Nebraska | 4.97% | 4.23% | 50 |
| California | 4.99% | 4.25% | 222 |
| Connecticut | 4.99% | 4.45% | 63 |
| Florida | 4.99% | 4.09% | 127 |
| Hawaii | 4.99% | 4.25% | 36 |
| Michigan | 4.99% | 4.27% | 155 |
| Mississippi | 4.99% | 4.43% | 37 |
| Missouri | 4.99% | 4.45% | 76 |
| New York | 4.99% | 3.99% | 188 |
| South Carolina | 4.99% | 3.99% | 51 |
| South Dakota | 4.99% | 4.35% | 25 |
| Tennessee | 4.99% | 4.08% | 100 |
| Texas | 4.99% | 4.24% | 276 |
| Utah | 4.99% | 4.17% | 48 |
| Wyoming | 4.99% | 4.47% | 16 |
| Alabama | 5.00% | 4.28% | 58 |
| Arkansas | 5.00% | 4.11% | 35 |
| District of Columbia | 5.00% | 4.25% | 41 |
| Iowa | 5.00% | 4.49% | 71 |
| Montana | 5.00% | 3.99% | 24 |
| North Carolina | 5.00% | 4.11% | 64 |
| Virginia | 5.00% | 4.25% | 93 |
| Wisconsin | 5.00% | 4.24% | 94 |
| Louisiana | 5.05% | 4.12% | 66 |
| Minnesota | 5.17% | 4.49% | 70 |
| Kentucky | 5.18% | 4.26% | 53 |
| Maryland | 5.22% | 4.28% | 68 |
| West Virginia | 5.22% | 4.25% | 46 |
| Oklahoma | 5.24% | 4.38% | 57 |
| Oregon | 5.24% | 4.35% | 55 |
| Pennsylvania | 5.24% | 4.29% | 231 |
| Indiana | 5.25% | 4.39% | 111 |
| New Jersey | 5.25% | 4.39% | 88 |
| Ohio | 5.25% | 4.49% | 154 |
| New Mexico | 5.27% | 4.40% | 36 |
| Washington | 5.32% | 4.49% | 82 |
| Colorado | 5.36% | 4.75% | 64 |
| Nevada | 5.37% | 4.27% | 26 |
| Idaho | 5.39% | 4.33% | 37 |
| Kansas | 5.41% | 4.63% | 74 |
| Alaska | 5.43% | 4.99% | 12 |
| Delaware | 5.47% | 5.19% | 19 |
| Massachusetts | 5.49% | 4.50% | 131 |
| Arizona | 5.50% | 4.49% | 48 |
| New Hampshire | 5.60% | 4.75% | 29 |
| Rhode Island | 5.74% | 4.61% | 18 |
| Vermont | 6.12% | 5.02% | 16 |
Source: Carrot Rate, Auto loan rate report, October 2026
Finding 5
Charlotte’s typical new auto loan starts at 5.25%, but its top tenth at 4.06% or less. Atlanta is the cheapest at 4.67%.
Source: Carrot Rate, Auto loan rate report, October 2026
The figures come from the rates we collect from banks’ and credit unions’ own websites, the same as our auto loan pages: each lender’s lowest advertised APR for a new or used car, rates with conditions such as autopay included. Advertised rates usually need excellent credit. Typical is the middle rate: half the lenders charge more. The top 10% is the rate the lowest-priced tenth charge or beat.State and metro figures cover the institutions with branches there, and need at least ten of them. How we collect rates
You’re free to republish the charts and figures in this report, in print or online, under CC BY 4.0: credit Carrot Rate and link to this report. Each chart has an image with the credit on it, its data, and code to embed it.
Carrot Rate, “Auto loan rates, October 2026: the best start at 4.25% or less”, October 2026. carrotrate.com/reports/auto-loans/2026-10
For more data, another place or a comment, email press@carrotrate.com.
