U.S. Car Loan Rates Rise to Highest in Eight Years
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It’s getting more costly for most Americans to buy a new car or truck. Not only are vehicles getting more expensive, but so is the money needed to finance one.
The average interest rate for new vehicle loans rose to 5.2 percent in February, the highest in eight years, according to car-shopping website Edmunds. During an era of rock-bottom benchmark borrowing rates set by the Federal Reserve, car-loan rates fell as low as 3.9 percent in December 2012.