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The Average Used Car Interest Rates and Down Payments Rise in September 2018
For borrowers, the average interest rate on a used-vehicle loan and the average monthly payment on a used-vehicle loan rose last month. To mitigate the increases, consumers boosted down payments, while loan lengths stayed relatively flat.
| Sept. 18 | Sept. 17 | |
|---|---|---|
| Term | 66.95 months | 66.81 months |
| Monthly Payment | $401 | $386 |
| Amount Financed | $21,697 | $21,380 |
| Annual Percentage Rate | 8.38 APR | 7.52 APR |
| Down Payment | $2,657 | $2,494 |
Source: Edmunds