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Average APR for a used sedan: 10.83% State average APR for a used vehicle: 10.62% Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average auto loan rates.
Edmunds found that 72% of car shoppers under the age of 44 said a Fed cut would affect their car purchase timing, compared to 57% of buyers 45 and older. Even the types of cars are affected.
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.
As of June 2024, the average price of a new car was $48,644, according to Kelley Blue Book. ... For example, in 2024, a new 72-month vehicle loan has an average APR of 6.86%, according to Experian
Annual percentage rate. Parts of total cost and effective APR for a 12-month, 5% monthly interest, $100 loan paid off in equally sized monthly payments. The term annual percentage rate of charge (APR), [1][2] corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), [3] is the interest rate for a whole year (annualized ...
Regardless of the size, the rate cut will provide some relief to borrowers, albeit at a relatively small dose given that the current Fed funds' target stands in a range of 5.25% to 5.5%.
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