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Using Edmunds.com’s APR Car Loan Rates from August 2024, the auto loan rates were found for SUVs, trucks, electric cars and sedans, as well as state averages. All data was collected on and is up ...
The average annual percentage rate on a new car loan in 2019 was 5.1%. Today it’s 6.4%, Jominy said. "Usually, it’s $7 per every $500 borrowed," Jominy said.
With an average interest rate around 10.488%, you'll pay around $6,508.90 in interest over the life of the loan if you purchase a used car for $20,000 and pay $395.66 per month.
During that period, the average monthly lease payment rose from $513 to $597 (interest rates can also affect leasing costs), and the average monthly car payment rose from $617 to $726.
Interest rates play a crucial role in shaping the true cost of a used car. The more expensive the car, and the higher the rate, the more expensive the monthly payment will be.
Need a car? Read on to see if now's a good time to get one.
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