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A Kiplinger forecast estimates a one percent increase in the bank prime rate over the course of 2018, which will impact auto loan rates.
Plus, average auto loan amounts hit a record high for new vehicles at $31,099, and a record for used vehicles at $19,589, according to an Experian analysis of the last quarter of 2017. Average monthly payments hit a new record, too, $515.
Incentives are also at an all time high for manufacturers trying to make up for higher interest rates.
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