New vehicle owners haven't payed such high APRs since just before the 2008 recession, and they're paying more than ever for new cars car auto cars
. “The Federal Reserve’s recent pause in interest rate hikes unfortunately didn’t offer much relief for consumers, and hints at further raises later this year mean auto loan rates could even continue to increase.”Looking deeper into the data, we can see that 15.6 percent of shoppers are actually using the high car payments to their advantage. Those buyers have a loan term of 31 to 48 months with a 2.0 to 4.
However, the majority of owners spending this much on their car are at risk of finding themselves owing more than the car is worth. Edmunds finds that 64.5 percent of new car owners have loan terms of 67 to 84 months, and an average APR of between 8.5 and 9.6 percent. They are paying thousands of dollars towards interest, not the principal amount that they borrowed.
That could be a big problem, as more vehicle owners find themselves with loans whose terms haven’t been worse since just before the great recession of 2008, and more than ever
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