- 5.47% (60-month, new car)
- 6.51% (36-month, used car)
Auto loan rates were down marginally this week. The average rates for 48-month new-car loans and 60-month new-car loans fell 4 basis points each, to 5.43 percent and 5.47 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates also were down. The average rate for a 36-month used-car loan gave up 3 basis points, to 6.51 percent.
If you're thinking about going car shopping, you may have a slightly easier time finding an auto dealer than you did last year. An annual study published by Urban Science, a Detroit-based retail consultant, found the number of U.S. auto dealerships rose 0.4 percent. That may not seem like a lot, but it's the first increase in dealerships the study has recorded in 10 years.