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Auto Loan Interest Rates Climb to Second-Highest Level in 10 Years, According to Edmunds Analysis

February 1, 2019

SANTA MONICA, Calif., Feb. 1, 2019 /PRNewswire/ — Tightening credit conditions and rising vehicle prices continued to squeeze consumers in January, according to the car shopping experts at Edmunds. Due in part to an evaporation of zero percent financing deals, the average annual percentage rate (APR) on new financed vehicles hit the second highest point in 10 years in January, averaging 6.19 percent. This compares to to 4.99 percent last January and 4.22 percent five years ago. Additionally, the average transaction price of a new vehicle is expected to hit a near-record high of $37,150 in January, and zero percent financing offers dropped to their lowest level since 2006.

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