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But it will take a lot more than the single rate cut from the Fed to make a notable difference in auto loan rates. Since 2022, the higher rates have pushed the average new vehicle loan payment up ...
Using Edmunds.com’s APR car loan rates from August 2024, the auto loan rates were found for SUVs, trucks, electric cars and sedans, and state averages for used and new cars for each state.
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.
That said, the Fed's declining benchmark rate will eventually mean better rates for borrowers, many of whom are facing some of the highest credit card interest rates in decades. The average interest rate is 23.18% for new offers and 21.51% for existing accounts, according to WalletHub’s August Credit Card Landscape Report.
The average 30-year mortgage rate dropped to 6.2% last week — the lowest level in about 18 months and down from a peak of nearly 7.8%, according to the mortgage giant Freddie Mac. Other rates, like the yield on the five-year Treasury note, which influences auto loan rates, have also tumbled.
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 ...
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- 4236 Buckeye Parkway, Grove City, Ohio · Directions · +1 614-221-3233
