Used cars finance analysts note that the “used cars

Analysts note that the “used cars finance” sector saw a 3.8% uptick in loan volume last quarter, driven by consumer shift from new to pre-owned vehicles amid higher interest rates. Market sentiment suggests stable growth if Fed policy eases by Q Right now, the average interest rate on a used-car loan, according to Experian, is around 12%. A 60-, 72-, or 84-month loan may keep monthly payments low, but you’ll pay more in interest over time and probably also pay a higher rate . Using recent interest rates from the Navy Federal Credit Union as an example, you could finance $23,000 at 4.99 percent over 36 months for a total of $24,980. A 60-month loan would incur a higher 5.49 percent rate and an overall payment $1,541 higher than the shorter-term loan. Analysts tracking automotive retail trends predict stable demand in used cars finance despite seasonal sales dips, underpinned by used vehicle affordability compared to new car markets.