Finance Rate on Consumer Installment Loans at Commercial Banks, New Autos 60 Month Loan
This dataset tracks finance rate on consumer installment loans at commercial banks, new autos 60 month loan over time.
Latest Value
7.67
Year-over-Year Change
58.14%
Date Range
8/1/2006 - 5/1/2025
Summary
This economic indicator tracks the average finance rate for 60-month new auto loans issued by commercial banks in the United States. It provides critical insight into consumer borrowing costs and lending conditions in the automotive financing market.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The finance rate represents the average interest rate charged by commercial banks for new auto loans with a 60-month term. This metric helps economists and financial analysts understand lending trends, consumer purchasing power, and overall credit market conditions.
Methodology
Data is collected through surveys of commercial banks, tracking the average interest rates applied to new auto loans with a standard 60-month repayment period.
Historical Context
Policymakers and financial institutions use this trend to assess consumer credit health and make decisions about monetary policy and lending strategies.
Key Facts
- Reflects current market conditions for automotive financing
- Provides insight into consumer borrowing costs
- Helps predict automotive sales and consumer spending
- Influenced by Federal Reserve monetary policy
FAQs
Q: What does this finance rate indicate?
A: The rate shows the average interest cost for a 60-month new auto loan from commercial banks, reflecting current lending conditions.
Q: How often is this rate updated?
A: The rate is typically updated periodically, allowing tracking of changes in lending conditions over time.
Q: Why do auto loan rates matter?
A: Auto loan rates impact consumer purchasing power, automotive sales, and overall economic activity in the consumer finance sector.
Q: What factors influence this rate?
A: The rate is influenced by Federal Reserve monetary policy, inflation, economic conditions, and individual bank lending strategies.
Q: How can consumers use this information?
A: Consumers can use this rate to understand current borrowing costs and compare loan offers from different financial institutions.
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Citation
U.S. Federal Reserve, Finance Rate on Consumer Installment Loans at Commercial Banks, New Autos 60 Month Loan [RIFLPBCIANM60NM], retrieved from FRED.
Last Checked: 8/1/2025