Interest Rates on New Auto Finance Reach Low

By Staff Writer June 04, 2019

Interest rates for new vehicles dipped to their lowest level of 2019 in May, according to Edmunds.

The annual percentage rate (APR) on new financed vehicles averaged 6.1 percent in May, compared to 6.27 percent in April.

Edmunds analysts say this month-over-month dip is in part due to a bump in zero percent finance deals from automakers in May. These deals constituted 5.7 percent of financed transactions, compared to 3.2 percent last month.

Even with a slight uptick in 0-percent finance offers compared to last month, average monthly payments reached record highs.

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Last modified on Saturday, 08 June 2019 18:32

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