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

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.