Auto Sales Rise, as Loan Rates Drop

Recent data from Experian Automotive and Autodata Corp shed some light on trends in auto financing and sales. The average new car loan at the end of 2012 was $26,691, the highest it’s been since 2008. The average loan length was 65 months, a record high. The average interest rate for a new car loan was 4.36%, down from last year’s 4.52%. The lower rate on the higher loan amount resulted in an average monthly payment of $465, down from last year’s $468. New car sales, in the first 2 months of 2013, have increased about 8% from 2012.

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