WASHINGTON — The average interest rate for new-car loans rose slightly in April, while the amount financed increased, according to the latest Federal Reserve Statistical Report.
The average interest rate for U.S. new-car loans was 2.79 percent in April 2009, a rise of 0.05 from the 2.74 percent recorded in February 2009. The average term for a new-car loan remained steady at 61.2 months.
The average loan-to-value ratio also remained stable at 89
percent, while the amount financed increased rose slightly from $27,999 in March to $28,115 in April.