Loanweek

New vs used car loan rates

$70.24/month difference in monthly payment

$4,214 difference in total interest

New car (6.35%): $584.88 a month. Used car (11.19%): $655.12 a month.

Source: Experian Q2 2026 average APRs, 60 months. All credit tiers combined. An average, not an offer.

Side by side

New car (6.35%)Used car (11.19%)
Amount borrowed$30,000$30,000
Rate6.35%11.19%
Monthly payment$584.88$655.12
Paid off in5 years5 years
Total interest$5,093$9,307
Balance remaining: New car (6.35%) vs Used car (11.19%)Loan balance at the end of each year for both options.New car (6.35%)Used car (11.19%)$0$10k$20k$30kStartYear 2Year 5New car (6.35%), Start: $30kNew car (6.35%), Year 1: $24.7kNew car (6.35%), Year 2: $19.1kNew car (6.35%), Year 3: $13.1kNew car (6.35%), Year 4: $6.8kNew car (6.35%), Year 5: $0Used car (11.19%), Start: $30kUsed car (11.19%), Year 1: $25.3kUsed car (11.19%), Year 2: $20kUsed car (11.19%), Year 3: $14kUsed car (11.19%), Year 4: $7.4kUsed car (11.19%), Year 5: $0

Questions

Which has the lower monthly payment?

New car (6.35%), by $70.24 a month ($584.88 vs $655.12).

Which costs less overall?

New car (6.35%) saves $4,214 in interest ($5,093 vs $9,307).

What rates are these figures based on?

Experian Q2 2026 average APRs, 60 months. All credit tiers combined.

Can I compare a different amount?

Yes: change the amount above and press Compare. The page recalculates with the same rates.

Sources

Numbers on this page last changed September 26, 2026. How they are calculated: methodology.