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New car buyers take it on the chin again

The cost of buying a car keeps going up.

April 18, 2019

The cost of buying a car keeps going up, and I'm not just talking about the sticker price.

New car auto loan rates nationwide hit a 10-year high last month, according to an analysis by Edmunds, with the annual percentage rate expected average 6.36 percent. Many buyers pay a much higher rate because of less than good credit.

At the same time, manufacturers are cutting back on zero finance offers.

To get a monthly payment they can afford, many buyers are taking out longer loans. The average new car loan is now 70 months or nearly 6 years, Edmunds reports. That's a long time.

Remember, the longer the term, the more interest you'll pay on the loan, which drives up the overall cost of that purchase.

More Info: Auto Loan Interest Rates Hit 10-Year High, According to Edmunds Analysis

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