Will Auto Rates Go Down In 2024 In Usa. Expensive vehicles plus high interest rates make securing an affordable auto loan challenging — and rates aren’t likely to drop soon. The average rate on a new car loan last month was 7.1 percent, down from 7.4 a year ago but up from 5.7 in 2022, according to edmunds, an auto shopping.

But it will take a lot more than the single rate cut from the fed to make a notable difference in auto loan rates. Check out what industry experts have to say about car buying in 2024.