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The average car loan term is 68.48 months for a new car and 67.41 months for a used car, ... However, the percentage of new car loans in the 61- to 72-month range rose from 38.45% to 40.78%, an ...
At 72 months, the new car loan interest rate was at 8.67% in Q4 2023, the Fed reports. (These numbers are simple unweighted averages of each banks’ most common rate.)
New Cars With Monthly Payments of $400 or Less. Unless otherwise stated, this table assumes a 6.84% interest rate (avg. for new cars) and a 60-month loan.
Average monthly payment: $747. New electric car. Average total cost: $46,634. Average monthly payment: $708. ... A new car loan in this state is $46,960 with the average monthly payment sitting at ...
There are several ways to calculate your monthly auto loan interest payment. ... the average rate for someone with excellent credit buying a new car was 5.61 percent in 2023. People with bad ...
The average interest rate on a 60-month new car loan is 8.4%, as of August, up from 4.6% three years earlier, according to federal data. Meanwhile, car values are falling.
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