The Industry's Leading Source For F&I, Sales And Technology

Finance

Average Interest Rate Rises to 3.47 Percent in May, Says Federal Reserve

July 09, 2009

WASHINGTON — The average interest rate for new-car loans rose slightly in May, while the amount financed increased, according to the latest Federal Reserve Statistical Report.

The average interest rate for U.S. new-car loans was 3.47 percent in May 2009, a rise of 0.47 from 3.00 percent recorded in April 2009.

The average term for a new-car loan rose more than two months to reach 62.9.

The average loan-to-value ratio also rose to 93 percent, while the amount financed increased rose slightly from $28,383 in April to $29,133 in May.

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

Hancock Bank Joins Wolters Kluwer’s Loan Platform

Wolters Kluwer Financial Services announced Monday that 110-year-old Gulf South financial services leader Hancock Bank has joined its AppOne platform, a technology solution that helps connect lenders with automotive dealers.