What is the general interest rate for car loans?
2 Answers
The interest rate for car loans generally ranges between 6.5% and 9.3%. Below is a related introduction to the car loan interest rates of various banks: 1. Bank of China: Loan term of 1 year, interest rate of 4%; 2 years, 8%; 3 years, 12%. 2. China Construction Bank: 1-3 years (including 3 years), 5.31% * number of years; 3-5 years (including 5 years), 5.4% * number of years. 3. Industrial and Commercial Bank of China: Within 6 months (including 6 months), car loan interest rate of 5.60%; 6 months to 1 year (including 1 year), car loan interest rate of 6.0%; 1-3 years (including 3 years), 6.15% * number of years; 3-5 years (including 5 years), 6.40% * number of years; more than 5 years, 6.55% * number of years.
Recently, I've been considering buying a car and specifically researched auto loan interest rates. Currently, bank auto loan annual interest rates range from about 3.5% to 6%, while auto finance companies charge higher rates, possibly up to 8%. The interest rate largely depends on personal credit status—with my credit score around 750, the bank quoted me 4.2%. New energy vehicles often come with manufacturer subsidies, with rates as low as zero interest. If the down payment exceeds 30%, the interest rate can drop further. Loan terms also affect rates, with three-year terms being the most cost-effective, while five-year terms see rates increase by 1 percentage point. It's advisable to compare multiple offers and not just rely on sales recommendations, as some fees may hide tricks. Overall, auto loan rates are higher than mortgage rates, but the approval process is indeed much faster.
