Auto loan interest rates are rising, have hit the highest level since 2019, and will soon jump to 14-year highs.

New data from Edmunds showed the average annual percentage rate on new-car loans was 6.3% in October, the highest since April 2019, according to Bloomberg. 

The Federal Reserve is expected to raise interest rates Wednesday again by 75 basis points for the fourth straight meeting in an unprecedented move -- the most since the early 1980s to quell rampant inflation. This means the federal funds rate will have a new range of 3.75-4% -- the highest level since 2007, and since APRs for new vehicles track the fed funds rate, expect it to hit highs not seen since early 2009 in the near term.