Average Interest Rate Drops in July, Says Federal Reserve
The average interest rate for new-car loans decreased in July, while the amount financed increased, according to the latest Federal Reserve Statistical Report.
WASHINGTON — The average interest rate for new-car loans decreased in July, while the amount financed increased, according to the latest Federal Reserve Statistical Report.
The average interest rate for U.S. new-car loans was 3.43 percent in July 2009, a drop of 0.45 from 3.88 percent recorded in July 2009.
The average term for a new-car loan remained steady for the second consecutive month at 62.7 months.
The average loan-to-value ratio increased to 92 percent, and the amount financed rose from $28,215 in June to $28,866 in July.
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