Auto Finance Companies See Interest Rates Rise
According to the consumer credit report by the Federal Reserve Board, interest rates on new-car loans from auto finance companies rose slightly in June, up 0.53 percent to 2.93 percent from the May level of 2.40 percent. However, the report also indicated that rates remain well below average levels for the past five years.
Banks extending 48-month new-car loans found interest rates remaining steady in May at 7.05.
According to the Fed, loan maturity for auto finance companies increased in June. Maturity for the second quarter rose to 61.1 months from 57.3 months in the second quarter of last year.
The report also said that the average amount financed dropped slightly to $26,945 in June from $27,920 in May.
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