Auto Finance Rates Reach Record Featured

By Staff Writer June 03, 2018

Auto finance rates for new cars are expected to hit record highs not seen since 2009 in May, according to Edmunds.

The annual percentage rate (APR) on new financed vehicles averaged 5.75 percent in May, compared to 5.04 percent in May 2017 and 4.17 percent in May 2013.

Edmunds experts point to a significant reduction in zero-percent loans as a contributor to the rise in average APRs. In May, zero-percent financing deals reached their lowest levels in seven years, constituting 6.3 percent of total finance deals, compared to 9.9 percent in May 2017 and 9.8 percent in May 2013.

Last modified on Sunday, 03 June 2018 15:05

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