BobKamman
Level 15
a week ago
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Edmunds.com listed the average car loan interest rate for February 2025 as 7.2% APR for new car loans. If you finance $30,000 you'll pay about $2,000 in the first year (as the balance goes down faster than a mortgage). There are lots of cars selling for less than that, although there are more selling at a higher price. And even if you pay $60,000 the interest by the second or third year won't be more than a couple thousand.