Car Loan Rates Remained Low in September

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The Federal Reserve’s interest rate hike that was put in place last month had little effect on the new or used vehicle finance market in September.

Interest rates remained pretty steady at an average of around 5% (see chart below) and the average down payment per vehicle also stayed steady at around 10% of vehicle purchase price.

Low unemployment figures and high consumer confidence stats have market analysts predicting further interest rate increases almost week over week until early in 2019.

Just speaking of our little sample size here at eimports4Less: We saw rates at about the national average, but our banks are offering terms of 63-72 months with almost no rate hike for the additional term.

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