“The average interest rate on new cars is above 6%, according to Edmunds. On used cars, the average is just below 9%.”
From the article.
I would never accept an interest rate above 5% for a new or used car and never have.
The average is 6 and 9%, respectively. What the hell. A lot of people out there are making terrible financial decisions. No wonder the economy is where it’s at.
1 Like
If you need a car and you have average or poor credit…5+% new and even more for a used car.
But yeah, the increased interest rates and loan amounts are setting us up for trouble when the economy slows down.