Depending on a number of factors, car loan rates vary. From the type of vehicle to the individuals' credit history, car loan rates differ from one scenario to the next. To determine what car loan rates may be, an individual should speak with a lender or use a car loan calculator - found on most online lender sites - which figures out the interest rates and repayment period for individuals looking for car loans.

Looking at New York State, average car loan rates for a new car are about 6.5%. However, some lenders will offer car loan rates as low as 4.5% and as high as 9.75% for new cars. Along with the new car loan rates for New York State, the used car loan rates on average are around 6.99%. The used car loan rates for New York State can reach as low as 4.69% and as high as 10.5%, depending on lender and individual specifics. The car loan rates for other states and metro regions may vary. Using New York State car loan rates demonstrates the flux in rates that vary based on multiple factors, including region, car type, and personal information, and not to mention, the lender.

When searching for a car loan, it is best to research all of the area lenders, and those from other areas, to determine the best options for car loan rates. Instead of settling for a car loan with interest rates of 10.5% or higher, perhaps and individual will be able to qualify for 8.99% rates, saving a lot of money. Since car loan rates change on a consistent basis, it is also important to remain up-to-date on these changes, being aware of any increases or decreases in car loan rates. This will ensure the opportunity to receive the best car loan rates.