Despite Lean Times, Higher Loan Costs Mean Consumers are Shelling Out More

In our recent article, How To Get an Auto Loan During the Credit Crunch, we said that consumers could expect that higher interest rates and bigger down payments would be required to buy a new car. A new report from Comerica Bank illustrates what that really means to Joe Consumer: The total cost of buying an average-priced vehicle rose from $27,160 in the third quarter of 2008 to $27,700 in the fourth. That's a $540 difference, which isn't exactly chump change.

AutoObserver has the full story here. 

Posted by

Joanne Helperin February 10, 2009, 4:00 PM

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Car Buying, Car Loans and Financing

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Comerica Bank, Interest Rates, New Cars, Vehicle Financing