the average rate for a new car loan is 7.4% and 11.6% for a used car. --Bloomberg
Number Of Americans In Upside-Down Auto Loans Continues To Worsen https://t.co/VOHTXXDoJu
— zerohedge (@zerohedge) December 16, 2023
"It's a precarious spot for many Americans, coming after a twin surge in car buying and interest rates has strained finances and fueled an uptick in automobile repossessions," Bloomberg explained, adding the average rate for a new car loan is 7.4% and 11.6% for a used car.
The average new car loan has reached a record high of $40,000 . . . which was to be expected: after all, the latest consumer credit report from the Fed revolving credit shows high-interest rates have bogged down student and auto loans; in other words, the consumer is stretched.
Some good articles here in this one.
