Car Loan Rates Are Highest In Eight Years

(Santa Monica, CA) -- Interest rates on new vehicle loans have reached their highest point in the last eight years.

According to Edmunds, the annual percentage rate on new financed vehicles averaged five-point-two-percent last month, compared to four-point-nine-percent in February 2017. Interest rates between zero and two-percent remained steady at 22-percent in February while loans with interest rates above seven-percent also stayed the same at 19-percent last month.

Experts say the decrease in loans in the two-to-three-percent APR bracket and an increase in loans in the four-to-seven-percent range as the reason behind the rise in the average.

(Photo by Scott Olson-Getty Images)

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