It marks the sixth increase this year and has pushed new auto loan finance rates to their highest since 2019. Rates for used cars have also hit their highest since 2010. This will affect car shoppers this holiday season and into 2023 as they must contend with fewer low annual percentage rate incentives and more expensive car loans overall.
According to sales data in October, the average interest rate was about 6.3% for new cars and 9.6% for used vehicles.
"High APRS coupled with 72- or 84-month loans result in a person paying roughly a 20% premium over MSRP over the life of the loan, said Ivan Drury. On a $40,000 vehicle, with the current average APR of 6.3% and a 72-month term, this translates to $8,139 in finance charges, plus sales tax and title fees. Drury adds that this added cost will effectively cancel out any value you would get by trading in that vehicle in the near future to take advantage of elevated used car values.
Experts provide a few tips on how to best manage high-interest rates to help shoppers in need of a new or used vehicle in the coming months.
FOR THOSE WITH GOOD CREDIT
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