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Interest Rates Fall for New Vehicles

Interest Rates Fall for New Vehicles Featured

Interest rates on new-vehicle loans fell to a six-month low in July as automakers ramped up summer zero-percent finance deals, according to a new analysis from Edmunds.
The annual percentage rate on new financed vehicles averaged 4.77 percent in July, down from 4.96 percent in June. And 11.3 percent of purchasers who financed took advantage of zero-percent financing, up from 9.47 percent in June and 10.2 percent a year ago.
Overall, interest rates on auto financing have been higher in 2017 than in recent years. July's average APR is up 5.6 percent year over year, and is 14.2 percent higher than it was five years ago.

Last modified on Wednesday, 02 August 2017 00:46