| STORY HIGHLIGHTS |
- Average interest rate for new car loans hit an all-time record low of 3.17%
- Previous record low was 4.85%
- Low interest rates on car loans will save you money over the life of the loan
|
New Car Loan Interest Rate Hits All-Time Record Low
By Liz Opsitnik
Thursday, Apr 09 2009 12:49
The average interest rate on new car loans at auto finance companies hit an all-time low of 3.17 percent, according to the Federal Reserve. This new rate of 3.17 percent beats the old record of 4.85 percent, which was the rate in the first quarter of 2008.
To give you an idea of how low the average rate is now, in January, the average new car auto loan rate was 8.23 percent, and was 8.42 percent in December.
So if you’re in the market for a new car and need a car loan to buy it, with rates hitting record lows, you’re sure to find a great auto loan rate deal, especially if you have good credit.
Need a car loan to buy your next new car? The average interest rate has hit an all-time record low, meaning you'll pay less in interest charges over the life of your auto loan.
Confused or unsure about some of the car loan terms used in the article? Click here for our Auto Loan Glossary.
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