The Federal Reserve issued its latest interest rate hike in early November. It marks the fourth increase this year and has pushed new auto loan finance rates to their highest since 2019. Rates for used cars have also hit their highest since 2010. This will affect car shoppers this holiday season and into 2023 as they must contend with fewer low annual percentage rate incentives and more expensive car loans overall.
According to Edmunds sales data in October, the average interest rate was about 6.3% for new cars and 9.6% for used vehicles.
