SANTA MONICA, Calif. — Edmunds.com analysts discovered that the average automobile finance rate in March dropped to the lowest level since they began tracking records back in 2002.

The site indicated that the average rate last month dropped to 4.4 percent. Meanwhile in March 2009, the average rate stood at 5.8 percent.

Edmunds.com delved deeper into the data and found that of all brands, Toyota had the lowest average finance rate. The Japanese automaker averaged 1.9 percent. This was perhaps due to hefty incentives and zero-percent APR the company has been offering to bring consumers into dealers' showrooms.

Following Toyota was Mazda with an average finance rate in March at 2.5 percent. The next lowest was a domestic brand. Mercury's finance rate averaged 3.3 percent.

On the other end of the spectrum, Edmunds.com said Kia had the highest average interest rate in March at 7.1 percent.

"Low interest financing is compelling for consumers because those who qualify often enjoy greater savings than they would get from a cash-back offer," noted Jessica Caldwell, senior analyst for Edmunds.com.

"Low APR offers are also better for automakers because they are less damaging to brand image and residual values," Caldwell continued.

Analysts shared several other noteworthy March trends that discussed down payments and term length, including:

—Of all luxury brands, BMW had the highest average down payment at $13,614 and the shortest average loan term at 52.4 months. The site pointed out that luxury automakers took the top eight spots in March for shortest average loan length.

—Of all non-luxury brands, Subaru had the shortest average loan term at 60.9 months and highest average down payment at $3,911.

—The site determined Dodge had the industry's longest average loan term at 67.0 months, followed by Chevrolet at 66.6 months and Hyundai and Kia at 66.1 months.

—Analysts mentioned that Scion buyers financed the lowest average dollar amount at $18,978, and had the lowest average monthly payment at $348.

—Conversely, they said Mercedes-Benz buyers financed the highest average dollar amount at $40,737 and had the industry's highest average monthly payment at $827.