As of November 2023, the annual percentage rate (APR) for used sedans was higher than for any other type of car in most U.S. states. Among the states included in this selection, Texas had the highest financing costs for SUVs, trucks, and sedans. Meanwhile, electric cars had the highest APR in Pennsylvania. In some states like Texas, Illinois, and California electric cars had a lower APR than other types of vehicles, but in New York and Pennsylvania electric cars had the highest interest rates. The annual percentage rate is a measurement that provides information about the cost of borrowing, which, in contrast to the interest rates, also includes fees and other elements.
Annual percentage rate (APR) of loans for used cars in selected U.S. states as of November 2023, by type of car
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Edmunds . (December 14, 2023). Annual percentage rate (APR) of loans for used cars in selected U.S. states as of November 2023, by type of car [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/1341868/annual-rate-of-loans-for-used-cars-in-the-us-by-type/
Edmunds . "Annual percentage rate (APR) of loans for used cars in selected U.S. states as of November 2023, by type of car." Chart. December 14, 2023. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/1341868/annual-rate-of-loans-for-used-cars-in-the-us-by-type/
Edmunds . (2023). Annual percentage rate (APR) of loans for used cars in selected U.S. states as of November 2023, by type of car. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/1341868/annual-rate-of-loans-for-used-cars-in-the-us-by-type/
Edmunds . "Annual Percentage Rate (Apr) of Loans for Used Cars in Selected U.S. States as of November 2023, by Type of Car." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/1341868/annual-rate-of-loans-for-used-cars-in-the-us-by-type/
Edmunds , Annual percentage rate (APR) of loans for used cars in selected U.S. states as of November 2023, by type of car Statista, https://www.statista.com/statistics/1341868/annual-rate-of-loans-for-used-cars-in-the-us-by-type/ (last visited December 21, 2024)
Annual percentage rate (APR) of loans for used cars in selected U.S. states as of November 2023, by type of car [Graph], Edmunds , December 14, 2023. [Online]. Available: https://www.statista.com/statistics/1341868/annual-rate-of-loans-for-used-cars-in-the-us-by-type/
