WASHINGTON, D.C. — After falling drastically earlier this year, interest rates for new-car loans at auto finance companies climbed at a steady pace during the second quarter.

In fact, during June, the rate rose to 3.88 percent, up from 3.47 percent in May and 3 percent in April, according to the latest data from the Federal Reserve.

Preliminary data suggested the second-quarter rate was 3.45 percent.

The Fed also reported that the average amount financed in new-car loans dipped to $28,215, down from the $29,133 in May, which was a record high.

Meanwhile, the loan-to-value ratio fell from 93 to 91. However, this ratio was still up from 90 in April.

The Fed also noted that the average maturity for new-car loans was 62.7 months, versus 62.9 months in May and 60.8 months in April.

The interest rates for 48-month new-car loans were not available for June. In May, this rate stood at 6.79 percent.

Overall, the Fed explained: "Consumer credit decreased at an annual rate of 5.25 percent in the second quarter. Revolving credit decreased at an annual rate of 8.25 percent, and non-revolving credit decreased at an annual rate of 3.5 percent.

"In June, consumer credit decreased at an annual rate of 5 percent," officials added.