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Tuesday, 04 January 2022 10:31

Average New and Used Vehicle Monthly Payments Expected to Shatter Records in Q4: Edmunds

Index

...comfortable with financing their pricey purchases instead since interest rates are so low."

 

Edmunds analysts note lower annual percentage rate (APR) offers are one bright spot for car shoppers who might feel daunted by fewer discounts and higher prices in the current market.

 

"If you're looking to finance your next car purchase, know that interest rates are on your side," said Ivan Drury, Edmunds' senior manager of insights. "Make sure to shop around for your auto loan the same way you'd shop around for your vehicle. Automakers and dealers will do what they can to keep customers in their F&I department, which offers a bit more room for negotiation for shoppers in this seller's market. It doesn't hurt to ask if a dealership would be willing to beat the rate you've been approved for elsewhere. Some dealers might also be willing to offer a longer loan term at a comparable or marginally higher interest rate."

 

Source: Edmunds

 

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