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Interest rates are high right now, and that includes car loans. According to a recent Bank of America Institute report, car loan interest rates are about four percentage points higher than in ...
Credit score. Average interest rate for new car loans. Average interest rate for used car loans. 781 to 850. 5.61%. 7.43%. 661 to 780. 6.88%. 9.33%. 601 to 660
This includes an average of $19,402 in personal loans, $23,792 in auto loans and $38,787 in student loans. Read Next: I’m a Retired Boomer: Here Are 3 Debts You Should Definitely Pay Off Before ...
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The most common method of buying a car in the United States is borrowing the money and then paying it off in installments. 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]
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