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SEARCHThe average interest rate for new-car loans rose slightly in May, while the amount financed increased, according to the latest Federal Reserve Statistical Report.
WASHINGTON — The average interest rate for new-car loans rose slightly in May, while the amount financed increased, according to the latest Federal Reserve Statistical Report.
The average interest rate for U.S. new-car loans was 3.47 percent in May 2009, a rise of 0.47 from 3.00 percent recorded in April 2009.
The average term for a new-car loan rose more than two months to reach 62.9.
The average loan-to-value ratio also rose to 93 percent, while the amount financed increased rose slightly from $28,383 in April to $29,133 in May.
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