New vehicle owners haven't payed such high APRs since just before the 2008 recession, and they're paying more than ever for new cars car auto cars
. “The Federal Reserve’s recent pause in interest rate hikes unfortunately didn’t offer much relief for consumers, and hints at further raises later this year mean auto loan rates could even continue to increase.”Looking deeper into the data, we can see that 15.6 percent of shoppers are actually using the high car payments to their advantage. Those buyers have a loan term of 31 to 48 months with a 2.0 to 4.
However, the majority of owners spending this much on their car are at risk of finding themselves owing more than the car is worth. Edmunds finds that 64.5 percent of new car owners have loan terms of 67 to 84 months, and an average APR of between 8.5 and 9.6 percent. They are paying thousands of dollars towards interest, not the principal amount that they borrowed.
That could be a big problem, as more vehicle owners find themselves with loans whose terms haven’t been worse since just before the great recession of 2008, and more than ever
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Junkyard Gem: 2008 Smart Fortwo PassionA 2008 Smart Fortwo, first model year the Fortwo sold in the United States, found in a wrecking yard in Tulsa, Oklahoma.
Read more »
Texas sets new hate crimes record, DPS data showData from the Department of Public Safety shows that bias incidents against queer people occur at more than four times the rate of all hate crimes. Texas HateCrimes LGBTQ StopAsianHate LGBTQRights Antisemitism Racism
Read more »
North Richland Hills Fourth of July drone show sets new Guinness World RecordCongratulations to skyelementsusa for setting the GWR for its Fourth of July drone show in CityofNRH !
Read more »
Amazon knocks the lightweight Garmin Venu 2S smartwatch down to a new record low priceNormally priced at $400, the 40mm Garmin Venu 2S smartwatch with stellar battery life and excellent health monitoring tools is currently on sale for 150 bucks less without an obligatory Amazon Prime membership.
Read more »
Blue Archive's New Event Celebrates The New Year For Some ReasonWe're not entirely sure why, but Nexon's latest event in Blue Archive is celebrating the New Year in the middle of July. ...Why?
Read more »