Average Interest Rate Rises in June, Says Federal Reserve
The average interest rate for new-car loans rose in June, while the amount financed decreased, according to the latest Federal Reserve Statistical Report.
WASHINGTON — The average interest rate for new-car loans rose in June, while the amount financed decreased, according to the latest Federal Reserve Statistical Report.
The average interest rate for U.S. new-car loans was 3.88 percent in June 2009, a rise of 0.41 from 3.47 percent recorded in May 2009.
The average term for a new-car loan dropped slightly to 62.7 months in June, compared to 62.9 months in May.
The average loan-to-value ratio fell to 91 percent, and the amount financed fell from $29,133 in May to $28,215 in June.
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