The last time financing rates for new and used vehicles were this bad, it was the third quarter of 2007, and we were on the verge of the Great Recession
Both the new and used vehicle markets are shattering records, but unfortunately, it's the kind of record-breaking that's causing headaches for buyers. While there have been some small improvements recently, overall, prices have soared to historic highs, leaving buyers with significantly lighter wallets than they anticipated. To add to the financial burden, high loan rates are a prevalent concern, making car financing a daunting task for many potential buyers.
4 percent, and for used vehicles it jumped two percentage points, to 11.2 percent. The last time we saw APRs that high was in the second quarter of 2007, on the eve of the Great Recession. Read: You’re Now Paying An Average Of $533 Per Month For A Used Car – And That’s A Risk For Everyone Spiked interest rates remain the biggest impediment to affordability in both the new and used car markets today, said Jessica Caldwell, Edmunds' head of insights.
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