LendingTree Finds Car Buyers Could Save More Than $3,000 by Shopping Around for Auto Loans, With Potential Savings Up 30% in One Year
PR Newswire•19/10/2026•12:20 ET
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Key Highlights
- ➤Auto loan shoppers could save $3,064 by choosing the lowest APR over the highest
- ➤Lowest APR averaged 11.91%, versus 15.05% for the highest APR
- ➤Average monthly payments differed by $45, reaching $541 versus $586
- ➤Potential savings increased $715, or 30.4%, from July 2025 to July 2026
- ➤Near-prime borrowers could save $4,259 by shopping among lenders
Expert Statements
Nelson Forrest, General Manager of Auto Loans at LendingTree
“Shopping around for auto financing has always been important, but our latest findings show there's even more at stake for consumers today.”
Nelson Forrest, General Manager of Auto Loans at LendingTree
“The difference between the highest and lowest APR offers translated to more than $3,000 in potential savings on average, roughly 30% more than a year ago.”
Nelson Forrest, General Manager of Auto Loans at LendingTree
“With vehicle affordability still a challenge for many households, taking the time to compare financing options before making a purchase can make a meaningful difference in what consumers ultimately pay.”
LendingTree Finds Car Buyers Could Save More Than $3,000 by Shopping Around for Auto Loans, With Potential Savings Up 30% in One Year PR Newswire
CHARLOTTE, N.C., Oct. 19, 2026 /PRNewswire/ -- Car buyers have more to gain from shopping around for financing than they did a year ago. A new LendingTree study finds that car buyers could save an average of $3,064 over the life of an auto loan by comparing offers from multiple lenders, with potential savings increasing 30.4% over the past year.
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