Fed raises interest rates 0.25 of a point as new-car loans loom at 7%

Fed raises interest rates 0.25 of a point as new-car loans loom at 7% https://ift.tt/kBJqM9w

The Federal Reserve on Wednesday, July 26, increased its benchmark rate target 0.25 points to 5.25-5.5 percent,a decision that could leave auto dealerships and customers dealing with higher interest rates on car loans. New-vehicle auto loans were up to an average 7.2% APR and used-vehicle loans at 11% in June, according to Edmunds.