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Automotive interest rates drop to lowest levels since '08Posted On Mon, February 27, 2012
Experian Automotive recently released a report showing that during the fourth quarter of 2011, auto interest rates fell to their lowest point since 2008.
The interest rate for new automobile loans declined to 4.52 percent during the quarter, which was lower than the same period in 2010, when it was 4.84 percent, according to the company's quarterly automotive credit analysis. Interest rates for used vehicles declined year-over-year to 8.68 percent from 8.71 percent.
"The improved automotive lending market is good news for consumers in the market to buy a vehicle," said Melinda Zabritski, director of automotive lending at Experian Automotive. "The confluence of low interest rates, longer loan terms and an increase in loans outside of prime provide a great opportunity for more people to find a vehicle that suits their needs."
Those who are spread too thin when paying for their new car may want to try to save in other areas. One way that may help is to compare auto insurance rates to find one that is within a person's budget.
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