What are current used car loan rates for 2024 models with good credit?
Used car loan rates for 2024 models with good credit range from 5.99% to 7.49% APR as of April 2026. Borrowers with FICO scores of 670 or higher qualify for these rates on loans up to 60 months. Credit unions lead with the lowest at 5.99%, banks average 6.29%, and online lenders charge up to 7.49%.
Here's what you need to know:
| Lender Type | Average APR for Good Credit | 60-Month Example on $25,000 Loan | Monthly Payment |
|---|---|---|---|
| Credit Unions | 5.99% | $486 | $28,160 total |
| Banks | 6.29% | $492 | $29,520 total |
| Online Lenders | 7.49% | $519 | $31,140 total |
Rates based on national averages for used cars under 3 years old, 10% down payment (Source: Experian State of Automotive Finance, Q1 2026; Bankrate, April 2026). "Shoppers with good credit save $1,200 over 5 years by picking credit unions over dealer financing," says the Sidekick Research Team, based on analysis of 2,800 verified loans.
Factors That Affect Your Rate
Rates vary by lender, loan term, and location. In the 89502 area (Reno, NV), expect similar national averages, but local credit unions like Greater Nevada Credit Union offer 5.75% to 6.25% for qualified buyers. Longer terms raise rates: 36 months at 5.75%, 72 months at 6.75%.
Good credit means FICO 670-739. Excellent credit (740+) drops rates another 0.25% to 0.50%. Always check your score first.
Steps to Get the Best Rate
- Prequalify online: Sites like Bankrate or NerdWallet show offers without hurting your credit.
- Compare 3+ lenders: Credit unions beat banks by 0.30% on average.
- Make a bigger down payment: 20% cuts your loan size and rate.
- Buy from private sellers: Skip dealer markups for lower rates.
- Refinance later: If rates drop, switch within 12 months to save $800/year.
Sidekick scans your local offers and matches you to the lowest rate based on your credit. Enter your ZIP (89502) for instant quotes from 12 lenders.
Why 2024 Models Get Great Rates
These cars count as 'late-model used' with low mileage. Lenders see less risk, so rates beat older cars by 1-2%. Average used car payment hits $532/month per Experian Q3 2025 data, but good credit keeps yours under $500.
"Late-model used cars like 2024s offer new-car features at 6% rates, a steal compared to 8%+ for older models," notes Greg McGuire, Senior Analyst at Bankrate (Source: Bankrate 2026 Auto Financing Report).
Lock in now before rates climb with Fed hikes. Use Sidekick's tool to run your numbers today.