New Car Finances Reaches High Featured

By Staff Writer July 06, 2018

Auto finance interest rates are expected to climb to their highest level since 2009 for the second month in a row in June, according to Edmunds.

The APR on new financed vehicles averaged 5.82 percent in June, compared to 4.96 percent in June 2017 and 4.1 percent in June 2013. Edmunds analysts point to the most recent Fed rate hike as a contributing factor toward this increase, and note that June marks a 17 percent total increase since January, when APRs averaged just below 5 percent.

Edmunds notes that 0-percent financing loans reached their lowest level in nine years in June, constituting just 5.6 percent of total finance deals, compared to 9.47 percent in June 2017 and 10.55 percent in June 2013.

Last modified on Friday, 06 July 2018 02:41

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