{"id":1245,"date":"2010-04-28T00:00:00","date_gmt":"2010-04-28T00:00:00","guid":{"rendered":"http:\/\/blog.njstateauto.com\/auto-loans-financing-news\/car-loan-interest-rate-drops-to-record-low\/"},"modified":"2010-04-28T00:00:00","modified_gmt":"2010-04-28T00:00:00","slug":"car-loan-interest-rate-drops-to-record-low","status":"publish","type":"post","link":"https:\/\/www.njstateauto.com\/blog\/car-loan-interest-rate-drops-to-record-low\/","title":{"rendered":"Car loan interest rate drops to record low"},"content":{"rendered":"

Consumers may be better off buying cars now as a new study found that the average automobile finance rate dipped to 4.4 percent in March, the lowest rate in the last eight years.<\/p>\n

Edmunds.com said Toyota<\/a> has the lowest average finance rate at 1.9 percent, followed by Mazda<\/a> (2.5 percent) and Mercury<\/a> (3.3 percent). Kia<\/a> claimed the spot with the highest interest rate in March at 7.1 percent.<\/p>\n

“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, a senior analyst at Edmunds.com.<\/p>\n

In other trends, Edmunds.com reported that of all luxury brands BMW<\/a> had the highest average down payment, $13,614, and the shortest average loan term, 52.4 months. Subaru<\/a> took this spot in the non-luxury category with an average loan term of 60.9 months and highest down payment of $3,911.<\/p>\n

Dodge<\/a> had the industry’s longest average loan term, 67 months, followed by Chevrolet<\/a> at 66.6 months and Hyundai<\/a> and Kia at 66.1 months. Scion<\/a> buyers financed the lowest average dollar amount, $18,978, and the lowest average monthly payment, $348.<\/p>\n","protected":false},"excerpt":{"rendered":"

Consumers may be better off buying cars now as a new study found that the average automobile finance rate dipped to 4.4 percent in March, the lowest rate in the last eight years. Edmunds.com said Toyota has the lowest average finance rate at 1.9 percent, followed by Mazda (2.5 percent) and Mercury (3.3 percent). Kia […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"yoast_head":"\nCar loan interest rate drops to record low<\/title>\n<link rel=\"canonical\" href=\"https:\/\/www.njstateauto.com\/blog\/car-loan-interest-rate-drops-to-record-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car loan interest rate drops to record low\" \/>\n<meta property=\"og:description\" content=\"Consumers may be better off buying cars now as a new study found that the average automobile finance rate dipped to 4.4 percent in March, the lowest rate in the last eight years. Edmunds.com said Toyota has the lowest average finance rate at 1.9 percent, followed by Mazda (2.5 percent) and Mercury (3.3 percent). 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