Auto loan interest rate highest in 3 years

Mazda dealer in South Austin, Texas — Edmunds says the average annual percentage rate on financed new vehicles in the third quarter was 5.7 percent — up from 4.3 percent at the same time last year and up from last quarter's 5 percent. (DAVID PHILLIPS)

October 05, 2022 04:26 PM

Auto loan interest rates soared to their highest levels since 2019 while the average monthly payment for new vehicles passed $700 in the third quarter, according to Edmunds.

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