Average Car Loan Rates Drop to An 8 Year Low

New Car Loan Interest Rates are Down

The average finance rate on a retail car loan sank to 4.4 percent in March, the lowest since 2002, Edmunds.com reported today. The rate was 5.8 percent at the same time last year.

Toyota led in cut-rate financing, as it offered consumers deals to offset the impact of the recall scare. Toyota's average finance rate was 1.9 percent, followed by Mazda at 2.5 percent and Mercury at 3.3 percent, Kia had the highest average interest rate in March at 7.1 percent.

Edmunds.com also tracked other notable trends such as shorter average loan terms by luxury manufacturers. BMW had the lowest at 52.4 months.

Dodge had the industry's longest average loan term of 67.0 months followed by Chevrolet at 66.6 months and Hyundai and Kia at 66.1 months.

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