Auto lenders lowered interest rates on new-vehicle loans last month in anticipation of a Federal Reserve rate cut, according to Edmunds. As a result, July marked the third straight month that the average rate fell for new-vehicle financing.

On July 31, the U.S. central bank cut borrowing costs a quarter-percentage point, the first rate decline since the financial crisis. The average interest rate for new vehicles financed in July declined 16 basis points from the previous month to 5.84 percent, Edmunds said. That’s nine basis points above last year’s 5.75 percent.