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Methodology: For this study, GOBankingRates analyzed each U.S. state to find the average auto loan rates. Using Edmunds.com’s APR Car Loan Rates from August 2024, the auto loan rates were found ...
Loans for new vehicles right now are averaging 7.1%, with used vehicle loans at a much higher 11.3%, according to Edmunds.com. Those rates, coupled with still-high prices, have sent many possible ...
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 ...
The company reports market value prices for new and used automobiles of all types, as well as motorcycles, snowmobiles and personal watercraft. [16] For both new and used automobiles, Kelley Blue Book provides a fair market range and fair purchase price, based on actual transactions of what others are paying for a vehicle and adjusted regularly as market conditions change.
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). [2] Roughly 30% of new vehicles during the same time period were leased. [2] There are two primary methods of borrowing money to buy a car: direct and indirect. A direct loan is one that the borrower arranges with a lender directly.
The Fed’s move to cut its benchmark rate by a half percent may move these shoppers off the sidelines. “Many Americans have been holding off on making vehicle purchases in the hopes that prices ...
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