Car loan interest rates for both new and used vehicles saw a slight decrease in May but remained higher compared to the previous year. The national average interest rate for a 60-month loan on new vehicles dropped by 1 basis point to 8% as of May 28th, according to data from Curinos.
FAQ
1. Are auto loan interest rates expected to continue declining?
2. How do interest rates for new vehicles compare to used vehicles?
Conclusion
Despite a slight decrease in auto loan interest rates in May, rates are still higher than the previous year. It’s important for consumers to shop around and compare rates to ensure they are getting the best deal on their car loan.
