Average Car Loan Interest Rate Drops to Record Low, …
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Press Release
FOR IMMEDIATE RELEASE
Contact: Jeannine Fallon/Chintan Talati Corporate Communications Media Hotline: 310-309-4900 pr@
Average Car Loan Interest Rate Drops to Record Low, Reports
SANTA MONICA, Calif. -- April 14, 2010 -- , the premier online resource for automotive information, reports that the average automobile finance rate dropped to 4.4 percent in March, its lowest since 2002 when began to track finance records. In March 2009, the average interest rate for the industry was 5.8 percent.
Of all brands, Toyota had the lowest average finance rate, 1.9 percent. Mazda's average finance rate was next lowest at 2.5 percent and Mercury was third at 3.3 percent. On the other end of the spectrum, Kia had the highest average interest rate in March, 7.1 percent.
"Low interest financing is compelling for consumers because those who qualify often enjoy greater savings than they would get from a cash-back offer," said Jessica Caldwell, Senior Analyst for . "Low APR offers are also better for automakers, because they are less damaging to brand image and residual values."
"Consumers can easily check whether they should take the cash back incentive or a low interest rate offer by plugging the numbers into the Low APR vs. Cash Back calculator at ," notes Senior Consumer Advice Editor Philip Reed.
Other finance trends for March include:
Of all luxury brands, BMW had the highest average down payment, $13,614, and the shortest average loan term, 52.4 months. Luxury automakers took the top eight spots in March for shortest average loan length.
Of all non-luxury brands, Subaru had the shortest average loan term, 60.9 months, and highest average down payment, $3,911.
Dodge had the industry's longest average loan term, 67.0 months, followed by Chevrolet at 66.6 months and Hyundai and Kia at 66.1 months. Scion buyers financed the lowest average dollar amount, $18,978, and the lowest average monthly payment, $348. Mercedes-Benz buyers financed the highest average dollar amount, $40,737, and had the industry's highest average monthly payment, $827. About , Inc. () Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. , the premier online resource for automotive information, launched in 1995 as the first automotive information Web site. Its mobile site, accessible from any smartphone at , makes car pricing and other research tools available for car shoppers at dealerships and otherwise on the go. is the most-read automotive enthusiast Web site. Its mobile site, accessible from any smartphone at , features the wireless Web's highest quality car photos and videos. CarSpace is the most established automotive social networking Web site. provides insightful automotive industry commentary and analysis. Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit. Follow on Twitter@edmunds and fan on Facebook at .
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