This Is How Much a Car Loan Could Cost You in 2023

This Is How Much a Car Loan Could Cost You in 2023

Since the beginning of the year, the Federal Reserve has raised interest rates six times, going from 0% to 3.75% in the fastest cycle in history. Auto loan interest rates aren't directly tied to the federal funds rate, but they are influenced by it. The recent rate hikes will not affect current auto loans, but drivers taking out new car loans or those with variable-rate financing have started to see costs rise.