APR Rates Remain Low Featured

By Staff Writer November 03, 2019

The average interest rate for a new-vehicle loan stayed under 6 percent for the fourth month in a row in October, according to the car shopping experts at Edmunds. The annual percentage rate (APR) on new financed vehicles averaged 5.7 percent in October, compared to 5.7 percent in September and 6.2 percent in October 2018. Edmunds experts say car shoppers found much better financing offers this year compared to a year ago, when interest rates spiked above 6 percent and stayed there through the first six months of 2019.

Edmunds experts note that the Fed rate cut at the end of the month happened too late to do much for October sales, but could help ease financing conditions for car shoppers through the rest of 2019.

Among the top performers, Ford Motor Company was up nearly 6 percent in October with Ford and Lincoln brands both enjoying increases. The Nautilus had the best month for Lincoln, rising 5 percent, and the Aviator is having a solid impact, transacting in the high $60,000 range. The redesigned Explorer saw the most improvement, up 15 percent, while the refreshed Edge was up 4 percent.

Fiat Chrysler and General Motors also reported strong average transaction prices for October, both up nearly 4 percent year-over-year.

Rate this item
(0 votes)
Last modified on Thursday, 07 November 2019 16:14

Trending News