An analysis by the Century Foundation found that by the end of 2025, 14.7% of new auto loans had terms of seven years or more (5). Data from the Federal Reserve Bank of St. Louis shows the average 60-month auto loan rate at commercial banks is sitting at 7.14% as of May (4). Ava was quoted an out-the-door price of $53,000, with an APR of 2% on her car loan. 1 mistake people make when they graduate from college: buy a new car," Ramsey said. According to a LendingTree study, Americans who refinance their auto loan save an average of $1,346 over the loan's lifetime.