July 25, 2024
News

Vehicle loan rates expected to rise in 2024

Interest rates on both new and used vehicle loans decreased slightly in July compared to the previous month, although they remained higher than they were a year ago. The national average interest rate for a 60-month new vehicle loan dropped by 4 basis points to 7.96% as of July 5, based on the most recent data from Curinos. Despite this decrease, the average new vehicle rate is still higher than it was at this time last year.

FAQ

  • Are interest rates expected to continue decreasing?
  • How do interest rates for used vehicle loans compare to those for new vehicle loans?
  • What factors can influence changes in interest rates for vehicle loans?

Conclusion

In conclusion, while interest rates for vehicle loans saw a slight decrease in July, they are still higher than they were a year ago. It’s important for consumers to stay informed about current interest rates and shop around for the best possible loan terms.

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