Reported 2 days ago
In the fourth quarter of 2024, the average interest rate for new auto loans was 6.35% while used car loans averaged 11.62%. Credit scores are critical in determining these rates, with higher scores resulting in lower interest rates. Buyers should consider shopping around and improving their credit scores to secure better rates. Factors influencing loan rates include the lender's criteria, loan amount, term length, and economic conditions, which can affect overall interest rates in the market.
Source: YAHOO