LendingTree Finds Car Buyers Could Save More Than $3,000 by Shopping Around for Auto Loans, With Potential Savings Up 30% in One Year
LendingTree published a study finding car buyers could save an average of $3,064 over the life of an auto loan by shopping for the lowest APR, with potential savings up 30.4% from a year earlier. The gap between average lowest (11.91%) and highest (15.05%) APR offers widened by 0.69 percentage points even as both declined, and near-prime borrowers could save the most at $4,259.
Key figures
- Avg savings usd
- 3064
- Savings yoy pct
- 30.4%
- Avg lowest apr pct
- 11.91
- Financial partners
- approximately 770
- Avg highest apr pct
- 15.05
- Avg loan term months
- 68.1
- Near prime savings usd
- 4259
- National avg loan amount usd
- 26706
- Avg monthly payment low apr usd
- 541
- Avg monthly payment high apr usd
- 586
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.