Car buyers bear a heavy burden as Federal Reserve keeps raising rates: Auto-loan rejections are up ...Middle East

NEW YORK (AP) — The Federal Reserve’s decision Wednesday to raise its benchmark rate for the 11th time, by a quarter-point, could once again send ripple effects across the economy. Mortgage rates, which have surged since the Fed began lifting rates in March 2022, may now rise further. So could rates on credit cards and some business loans. Perhaps no one has felt the pain more than car buyers. It’s not just that sticker prices are way up. Or that lenders have tightened credit standards. On top of all that, steadily higher auto loan rates have elbowed many would-be buyers out of the market. Consider: A study by the New York Federal Reserve has found that 14% of applicants for auto loans were

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