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Rates on new car auto loans now at lowest level of the year

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May was a good time to buy a new car.

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.

More Info: Car Shoppers Get Temporary Reprieve as Interest Rates Drop to Lowest Level of 2019 in May, According to Edmunds Analysis

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