June 11, 2019
It turns out that May was a good time to buy a new car. Interest rates dipped to their lowest level of 2019 last month, according to Edmunds.
The annual percentage rate on financing for new vehicles averaged 6.1% in May, compared to 6.27% in April.
One reason for the dip, Edmunds says, is a slight uptick in the number of dealers offering zero-percent financing.
Even so, the average monthly payment still reached a record high last month, as drivers bought more expensive vehicles.
Looking ahead, Edmunds analysts expect interest rates to stay about the same throughout the summer.