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The average annual percentage rate on a new car loan in 2019 was 5.1%. ... the average age of vehicles traded in for a new car was 5.7 years old, up from a low of 4.5 years old back in December of ...
The combination of these two factors led to auto buyers paying an average interest rate of 7.4% for new vehicles in Q3 of 2023 (up three percentage points since Q2) while the rate for used ...
According to Experian data, the average rate for someone with excellent credit buying a new car was 5.61 percent in 2023. People with bad credit paid significantly more — with an average ...
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Consider Taking Out A Loan “You might be able to lower your monthly payment by taking out a loan with a longer term, but keep in mind that you will pay more interest over time,” said Shaw.
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