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The average new vehicle interest rate was 4.60 percent at the beginning of 2020, and by the end of 2021, 60-month auto loan rates had fallen to a 20-year low of just 3.85 percent.
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.
Undeterred by high prices, rising interest rates, autoworker strikes and a computer-chip shortage that slowed assembly lines, American consumers still bought 15.6 million new vehicles last year ...
They can pay their credit card bills on time and pay no interest, or shop for lower rates among the many creditors offering loans. In September, the average rate on a new credit card offer has ...
Currently, the average annual percentage rate on a new car loan is 7.1%, and 11.3% for a used car, according to Edmunds. "A Fed rate cut wouldn't necessarily drive all those consumers back into ...
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