When Will Auto Loan Rates Go Down In 2024. One of the most immediately noticeable effects of a rate increase is the increase in consumer borrowing rates. While rates could come down in 2024, it's fair to say that auto loans won't exactly be cheap as a result.

Cash will remain king in 2024. 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.