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New Car Buyers Taking On $1,000+ Monthly Payments At Alarming Rates

Carscoops

Monthly payment $736 $548 Amount financed $40,713 $28,097 APR 7.1 Down payment $6,619 $4,165 Data: Edmunds SWIPE Edmunds says 18.1 percent APR loans. Monthly Payment $548 $567 $569 Amount Financed $28,097 $29,328 $29,665 APR 11.3 Down Payment $6,619 $6,907 $6,823 SWIPE

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Americans Drowning In New Car Debt, Loans Averaging 70 Months

Carscoops

Average new-vehicle APRs increased to 7.3% Down payments for new vehicles have slightly decreased. During the second quarter of 2024, the average new-vehicle APR jumped from 7.1% to 7.3%, marking the sixth consecutive quarter that APRs have been above the 7% mark. Down Payment $4,140 $4,106 $4,133 SWIPE

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Record Negative Equity And High Interest Rates Plague Auto Trade-Ins

Carscoops

percent of American shoppers are upside down on their loans, and they owe an average of over $6,000 on the vehicle they are trading in. Although interest rates are falling, APRs remain over 7 percent for the fifth quarter in a row, making new vehicles less affordable. percent, and the average monthly payment was just $662. .

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Kia Tries To Woo Tesla Owners With Discounts

Carscoops

Read: Kia Holds Off Full-Scale US Production Of EV9 As It Awaits Local Batteries Additionally, Kia is promoting all 2024 models of the EV6 with 0% APR for up to 72 months, along with lease cash of up to $14,600 in select states like California, Oregon, and Washington. However, we strongly advise to avoid down payments at all costs.

Lessee 101
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Guide to the Common Dealership Terms When Buying A Car

Car Examer

While it’s a helpful starting point, keep in mind you can often negotiate below this, as dealerships sometimes have offers or discounts that can bring down the cost. APR (Annual Percentage Rate) APR is the interest rate on any car financing, shown as an annual percentage.

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Maximizing Sales with Dealer Incentives: A Guide to Manufacturer Offers

Shawn Ryder

These can include cash rebates, low Annual Percentage Rate (APR) financing, lease specials, and other promotional offers. Low APR Financing: Special financing rates below standard market rates to make financing more attractive and affordable for buyers.

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You Can Get A Tesla For Under $20K From Hertz, But You Probably Shouldn’t

Carscoops

On top of that, Tesla is currently offering a 0% APR financing deal for up to 60 months with a minimum down payment of 20%—and the $7,500 federal tax credit can be applied upfront, if eligible.

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