For the first time since 2022, the average new-car interest rate for August has fallen to 6.55%. For most, this is great news for the prospective new-vehicle buyer, as the market has heavily favored the seller in recent years, especially since the tail end of the pandemic. The high interest rates since then have forced buyers to reconsider their options when financing a car, pushing many to buy a cheaper vehicle simply to afford the payments.
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