``Thanks to the Federal Reserve cutting rates, the average four-year car loan from a bank now carries an interest rate of 4.1 percent -- the lowest since the Fed starting tracking such numbers in 1972. The five-year loan, which was the standard term for many new car purchases back in the pre-recession era, is now quickly becoming a memory with car loans now often running beyond seven years, even out to a decade. This not only helps lower the monthly payments, but longer financing terms and low interest rates have helped push the average new car purchase prices industry-wide fromĀ $28,350 in 2008 to $31,252 for August 2013.''

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