Auto loan rates are on decline

Fell from 6% in June to 5.8% in July


While the cost of a new vehicle keeps rising, consumers are getting a bit of a break on interest rates. 

Interest rates on new cars fell to 5.8% in July, down from 6% in June, according to Edmunds. 

Experts say the downward trend is due in part to manufacturers and dealerships clearing out last year's inventory. 

Also, the Federal Reserve's interest rate cut earlier this week will have some impact on auto loan rates.

Analysts say average interest rates are expected to linger in the 5% range through the rest of the year.