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But it will take a lot more than the single rate cut from the Fed to make a notable difference in auto loan rates. Since 2022, the higher rates have pushed the average new vehicle loan payment up ...
Total average cost for an auto loan for a new car is $47,231. Average monthly car payment across all types is $751. ... based on a separate study of used-car loan rates from GOBankingRates.
The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses.
Welcome to interest-rate-cut week: Here's how the Fed's next move will impact everything from home prices to new-car loans Madison Hoff,Ayelet Sheffey Updated September 16, 2024 at 10:13 AM
Using Edmunds.com’s APR car loan rates from August 2024, the auto loan rates were found for SUVs, trucks, electric cars and sedans, and state averages for used and new cars for each state.
In fact, auto loan interest rates are the highest they’ve been since 2007, when the world was heading into a massive financial crisis. Rates average 7.4%, according to Edmunds, up 3 percentage ...
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