LendingTree Study Shows Car Buyers Can Save Over $3,000 by Comparing Auto Loan Offers
A new study from LendingTree reveals that car buyers can save an average of $3,064 over the life of a loan by shopping around for financing. This represents a 30.4% increase in potential savings compared to July 2025. The difference between the lowest and highest APRs has widened slightly despite both rates declining overall. The study found that near-prime borrowers could save up to $4,259 by selecting the best available rate due to a larger spread of 4.57 percentage points in their average APR offers. Additionally, credit scores significantly impact borrowing costs; subprime borrowers paid nearly $9,035 more than super-prime borrowers for the same loan amount and term. Nelson Forrest, General Manager of Auto Loans at LendingTree, emphasized that comparing financing options is especially important now as vehicle affordability remains a challenge. The findings highlight how even small differences in APR can lead to substantial long-term savings.
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Topics: APR savings auto loans consumer finance