Low-Interest Rates Move Metal in August Featured

By Staff Writer September 05, 2019

The average interest rate for a new-vehicle loan stayed under 6 percent for the second month in a row in August, according to the car shopping experts at Edmunds. The annual percentage rate (APR) on new financed vehicles averaged 5.8 percent in August, compared to 5.8 percent in July and 6 percent in June. Edmunds data reveals that the share of sales with zero percent finance deals saw a slight lift in August, constituting 6.1 percent of financed purchases in August compared to 5.8 percent in July. The average down payment for a new vehicle also dipped in August, dropping under $4,000 for the first time in more than a year.

The summer sell-down season also coincides with hurricane season, and Edmunds analysts are keeping a close eye on how Hurricane Dorian may impact automakers.

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Last modified on Wednesday, 11 September 2019 17:02

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