Are Interest Rates Higher on Luxury Cars?

2023 Genesis G80 Front

Are you shopping for a new luxury car after the pandemic in greater Henderson? If so, you’ve likely noticed interest rates are high right now. Given inflation and the state of the auto industry, you may be wondering:

  • “What is a good interest rate for a car loan?”
  • “What is the APR for Genesis finance packages?”
  • And “Are interest rates higher on luxury cars?”

Keep reading with Genesis of Las Vegas for answers to all of these questions. Then, apply for financing and contact our team to schedule some test drives near North Las Vegas

What is a Good Interest Rate for a Car Loan?

There are no good interest rates for cars right now. In fact, due to the inflation caused by the pandemic, the Federal Reserve has had to increase interest rates four times in seven months. What’s more, increases may continue. Over just two years, the weighted average auto loan interest rate has increased from 2.8% to 10.6%. Interest rates are rough everywhere.

What Are Average Interest Rates for Luxury Cars?

Do luxury cars have higher interest rates? As interest rates rise, automakers have been leaning in on their premium offerings. This is because luxury cars don’t need to sell at volume in order to turn a profit. Traditionally, interest rates for luxury cars have been higher, but a luxury car can be a little softer on month-to-month expenses in one respect. That is, they tend to offer much longer loan term options—sometimes twice the length of a traditional auto loan.

What is the APR for Genesis Finance?

The answer to this question varies, depending on what your credit score is. However, Genesis has continued to run promotions features APRs as low as 3.49%. Genesis Finance is offering some of the lowest interest rates on the market right now!

Save a Bundle on Genesis Finance Near Paradise

Explore our regional Genesis offers to see if any low interest specials are being offered. Then, check out our lifetime oil change and filter incentive and call Genesis of Las Vegas at 725-201-9561 to arrange for some test drives in Las Vegas!

 

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