Will Car Loan Interest Rates Go Down In 2024 Sbi. Borrowers falling under the deep subprime category, between 300 and 500, can expect rates over 15 percent for new and over 21 percent for used, according to experian’s second quarter of 2024. Before selecting a bank for a car loan, make sure to compare the interest rates offered by different banks.

Sbi offering car loan interest rates starting from 8.65% for self employed and salaried customers. The rate of interest on car loans depends on the salary, credit score, car model, loan tenure and down payment.