Auto Loan Interest Rates Stay Below 6pc in February for Eight-Month Streak, According to Edmunds

SANTA MONICA, Calif: The average interest rate for a new vehicle loan stayed under 6pc for the eighth month in a row, according to the car shopping experts at Edmunds.

The annual percentage rate (APR) on new financed vehicles averaged 5.6% in February, compared to 6.3% in 2019 and 5% five years ago. Edmunds data reveals that the share of sales with 0% finance deals stayed flat at 3.6% in February, unchanged from January.

Interest rates on new cars are in a really stable place right now, said Jessica Caldwell, executive director of insights at Edmunds. February is a slower month for auto sales, so shoppers heading to the dealership at this time of year are probably not going to find much in the way of big promotional offers, but they're definitely getting better interest rates than if they tried shopping at this time just a year ago.

More insight into recent auto industry trends can be found in the Edmunds Industry Center at https//www.edmunds.com/industry/insights.html.
(PRN)

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Auto Loan Interest Rates Stay Below 6pc in February for Eight-Month Streak, According to Edmunds