Bankrate predicted that banks would charge new- and used-vehicle buyers higher interest rates this year following a decline in 2021.
However, both 48-month used-vehicle loans and 60-month new-car terms would still end 2022 with average APRs below 5 percent, Chief Financial Analyst Greg McBride said Monday.
McBride predicted four-year used-vehicle loans would average 4.85 percent at the end of 2022, up from the 4.43 percent Bankrate reported for Dec. 29, 2021. He expected five-year new-model loan APRs would grow to 4.4 percent by the end of the year, compared with the 3.85 percent Bankrate saw at the close of 2021.