LendingTree Finds Car Buyers Could Save More Than $3,000 by Shopping Around for Auto Loans, With Potential Savings Up 30% in One Year

EmitenTrust.com 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.

Key Findings:

• Auto loan shoppers could save an average of $3,064 by choosing the offer with the lowest APR rather than the highest. The average lowest APR was 11.91%, 3.14 percentage points below the average highest APR of 15.05%.
• The average monthly payment was $541 with the average lowest APR and $586 with the average highest APR. That $45 monthly difference amounts to $3,064 over the average offered term of 68.1 months.
• Potential savings increased by $715, or 30.4%, from July 2025 to July 2026. The difference between the average lowest and highest APRs widened by 0.69 percentage points, even as both declined — the average lowest APR by 1.56 percentage points and the average highest APR by 0.87 percentage points.
• Near-prime borrowers could save the most by shopping around. Their average lowest and highest APRs differed by 4.57 percentage points, translating to estimated savings of $4,259 over their average offered term.
• Credit score differences can also substantially affect borrowing costs. On the same $26,706 loan, a subprime borrower with a credit score below 620 who received the average lowest APR offered to their credit band would pay an estimated $40,979 — $9,035 more than a super-prime borrower receiving their credit band's average lowest APR.

"Shopping around for auto financing has always been important, but our latest findings show there's even more at stake for consumers today," said 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. 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."

To view the full report, visit: https://www.lendingtree.com/auto/shopping-auto-loans-study/

Methodology

LendingTree researchers analyzed auto loan offers on the LendingTree platform in July 2026. For comparison, researchers analyzed offers from July 2025 using the same approach.

For each borrower, researchers identified the lowest and highest APR offered and calculated the average loan amount across the offers received. These borrower-level results were then averaged overall and within four credit bands: subprime (below 620), near-prime (620 to 659), prime (660 to 719) and super-prime (720 or higher).

Monthly payments were estimated using the applicable loan amount, APR and term. Savings were calculated as the difference between estimated payments using the highest and lowest APRs, multiplied by the applicable loan term. Credit band cost comparisons applied each band's average APRs and term to the same national average loan amount of $26,706. Values were rounded for display.

About LendingTree, Inc.

LendingTree, Inc. is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, "LendingTree" or the "Company").

LendingTree is one of the nation's largest, most experienced online financial platforms, created to give consumers the power to win financially. LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 770 financial partners. Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.

LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com.

Media Contact:
press@lendingtree.com

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SOURCE LendingTree, Inc.