As average transaction prices continue to rise and financing deals evaporate, Edmunds experts say consumers could be spending thousands more to finance new vehicles
Tightening credit conditions continued to squeeze consumer wallets in October, according to the car shopping experts at Edmunds. The annual percentage rate (APR) on new financed vehicles averaged 6.2 percent in October, a 1.3 percent increase from a year ago, a 2 percent increase from five years ago, and the highest level on record since January 2009.
Edmunds analysts note that these higher interest rates contributed to the scarcity of zero percent finance loans, which fell
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