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Good auto loan rates in 2026 range from 4.5-6.5% for new cars and 6-9% for used cars, depending on your credit score. Excellent credit (750+) qualifies for the lowest rates, while scores below 600 may see rates of 12% or higher.

Financial experts recommend a loan term of 48-60 months for new cars and 36-48 months for used cars. Longer terms (72-84 months) lower monthly payments but significantly increase total interest paid and risk being underwater on the loan.

A 20% down payment is ideal for new cars, and 10% for used cars. A larger down payment reduces your monthly payment, total interest, and the risk of owing more than the car is worth (negative equity). Some lenders require a minimum of 10% down.