Auto loan interest rates are expected to hit record highs not seen since 2009 in May, according to the car shopping experts at Edmunds. The annual percentage rate on new financed vehicles averaged 5.75 percent in May, compared to 5.04 percent in May 2017 and 4.17 percent in May 2013.

While it may seem counterintuitive, Edmunds analysts say this spike in auto loan interest rates is having a positive influence on the automotive market — at least for now.

"Higher interest rates appear to be incentivizing car shoppers, which is likely why we've seen stronger than expected sales so far this year," said Jeremy Acevedo, Edmunds' manager of industry analysis. "Since interest rates have been creeping up all year, shoppers are likely thinking it's better to buy now before rates get any higher. However, this is likely a temporary pull-ahead effect, and could come back to bite automakers later in the year."

Edmunds experts point to a significant reduction in zero-percent loans as a contributor to the rise in average APRs. In May, zero-percent financing deals reached their lowest levels in seven years, constituting 6.3 percent of total finance deals, compared to 9.9 percent in May 2017 and 9.8 percent in May 2013.

"Zero-percent financing loans are growing too costly for automakers to offer, but that doesn't meant that incentives are not out there," said Acevedo. "Automakers and dealers are simply turning toward other, more creative incentive structures in order to lure in consumers."