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Consumers take advantage of lower auto interest rates to take out larger loans

According to Experian’s latest State of the Automotive Finance Market report, interest rates for new auto loans dropped to 4.27 percent — the lowest rate on record. In addition to increasing new vehicle sales, the historically low interest rates helped consumers finance a larger balance, with the average new vehicle loan coming in at $26,719 for Q3 2013 — the highest average amount financed since 2008.

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Source: Experian Automotive: Interest rates for auto loans hit all-time low, while average amount financed reaches highest point since 2008