Interest rates on auto loans hit their highest level in eight years in February, according to the automotive site Edmunds.com.

According to the site's analysts, the average annual percentage rate on new vehicles purchased with financing during the month was 5.2 percent. This was up from 4.9 percent in February 2017 and 4.4 percent in February 2013.

The report says the higher average APR is a result of a decrease in loans in the 2 to 3 percent APR range and an increase in loans in the 4 to 7 percent range. Analysts said the share of loans with a zero to 2 percent APR was expected to remain at about 22 percent in February. The share of loans with interest rates higher than 7 percent rose slightly, from 18 percent in February 2017 to 19 percent this year.

Rates on used cars showed less change. The average APR for a used vehicle purchased in February was 8.3 percent, up from 7.9 percent last year but down from 8.7 percent in February 2013.

"We're starting to see a trickle-down effect from the rate increases happening at the federal level," said Jessica Caldwell, executive director of industry analysis at Edmunds.com. "The Fed rate hikes directly affect unsubsidized loan rates offered by third-party lending institutions such as credit unions and banks, and as a result we're seeing loans that were formerly between 2 and 3 percent being pushed up into higher APR brackets. Additionally, dealerships can match these independent loan rates brought in by shoppers."

The Federal Reserve raised its benchmark interest rate from 1.25 percent to 1.5 percent in December. The Fed raised rates again to 1.75 percent on March 21 and is expected to make two additional rate hikes this year.

In addition to the change in rates, the Edmunds report found that buyers were taking out longer loans, making larger monthly payments, and financing a greater balance when purchasing a vehicle.

The typical new vehicle purchase in February had a 69.4-month term, $31,313 balance, $3,929 down payment, and $527 monthly payment. The term was up from 69.1 months in February 2017 and 65.8 months in February 2013, while the typical monthly payment rose from $515 last year and $462 five years ago.

The amount financed for a new vehicle purchase was up from $30,753 in February 2017 and $26,700 in February 2013. Down payments showed a more gradual increase, rising from $3,772 last year and $3,533 five years ago.

Used vehicle financing was less variable, with the typical term for this type of purchase extending from 63.5 months in February 2013 and 66.8 months in February 2017 to 67.1 months in February. The average monthly payment for used cars purchased in February was $390, a year-over-year increase of $9 and up $30 from five years ago.

The average amount financed for a used vehicle bought in February was $21,224, up from $20,955 in February 2017 and $18,657 in February 2013. The typical down payment was $2,533, an increase of $65 from the previous year and $196 from February 2013.

Edmunds suggested that higher rates and payments could encourage more drivers to consider leasing a vehicle instead of buying one. The site's analysts determined that 33.5 percent of vehicle transactions in February were leases.

"Car shoppers have tunnel vision when it comes to their monthly payments," said Caldwell. "As average transaction prices and interest rates rise, we're likely going to see more consumers explore the option of leasing. In some cases this is a result of consumers simply seeking a way to cut down monthly payments, but for many others, this is the only option available when they discover that they can no longer afford the costs of a new vehicle."