Best Used Car Interest Rates 2024 Reddit. Public and private sector banks provide loans for new and used cars at a specific interest rate on equated monthly installment (emi), either after a downpayment or total. Auto loan rates have risen steadily over the past several years, reducing car buyers’ purchasing power and stretching budgets.

Used vehicles can still save you money on your next purchase, but how you find them and close a deal may be different than last time. Bankrate’s best auto loans are selected based on a lender’s available rates and terms, customer experience and transparency.