Consumers take advantage of lower auto interest rates to take out larger loans

Published: December 15, 2013 by admin

According to Experian’s latest State of the Automotive Finance Market report, interest rates for new auto loans dropped to 4.27 percent — the lowest rate on record. In addition to increasing new vehicle sales, the historically low interest rates helped consumers finance a larger balance, with the average new vehicle loan coming in at $26,719 for Q3 2013 — the highest average amount financed since 2008.

Source: Experian Automotive: Interest rates for auto loans hit all-time low, while average amount financed reaches highest point since 2008