New-vehicle APR remains under 6 percent in August

The average interest rate for a new-vehicle loan remained below 6 percent in August, according to Edmunds analysts.

The annual percentage rate (APR) on new financed vehicles averaged 5.8 percent, the same average as July, compared to 6 percent in June. July had been the third consecutive month the average had dropped.

The average down payment for a new vehicle fell in August, dropping below $4,000 for the first time in more than a year. Additionally, Edmunds finds that the share of sales with zero-percent finance deals increased in August to 6.1 percent. The figure was 5.8 percent in July.

"Shoppers who made it to the dealership this Labor Day weekend got to take advantage of slightly more generous offers than we've been seeing all year, but this shouldn't be taken as a sign of a dramatic turnaround in the market," said Jessica Caldwell, Edmunds' executive director of industry analysis. "The model-year sell-down is still in full swing, and automakers and dealers are moving things along just like they should at this time of year."

New-Car Finance Data

Used-Car Finance Data