WASHINGTON — The average amount financed on a new-vehicle loan via an auto lender continued its descent in June, declining to $24,505, compared with $24,579 in May and $27,397 in April.

The last time this figure was down so much was back in 2005, when the number came in at $24,133, according to the Federal Reserve.

Meanwhile, the median interest rate also slipped a bit in May, dropping to 5.49 percent in June, compared with 5.82 percent in May. However, this figure still remains above 4.54 percent posted in April.

Continuing on, the board reported that the average loan maturity in June was 63.5 months, down slightly from 64 months in May, but up from 63.1 months in April.

As for the loan-to-value ratio, this came in at 93 for the month, compared with 92 in May and 94 in April.

Looking specifically at commercial banks, unfortunately, the median annual percentage rate was not available for June; however, this figure stood at a revised 6.81 percent for May and 6.81 percent in the second quarter.

The average APR is down from 7.27 percent in the first quarter and 7.59 percent in the fourth quarter of last year.

Overall, the Federal Reserve indicated, "Consumer credit rose at an annual rate of 5 percent in the second quarter. Both revolving and non-revolving credit increased 5 percent in the quarter.  In June, consumer credit rose 6.75 percent at an annual rate."