Auto Loans
- 5.57% (60-month, new car)
- 6.57% (36-month, used car)
Auto loan rates were mixed this week. The average rate for a 48-month new-car loan fell 2 basis points, to 5.54 percent, and the average rate on 60-month car loans declined 3 basis points to 5.57 percent.
On the other hand, used-car loan rates were up substantially. The average rate for a 36-month used-car loan added 12 basis points, to 6.57 percent.
A new survey by AAA finds many U.S. drivers are too strapped for cash to handle a major car repair, should their car break down. The survey found 1 in 4 drivers couldn't cover a $2,000 repair if his or her car needed one.
That's especially worrying, considering the same survey found more than half of drivers are holding on to older vehicles longer, and one in four admitted to putting off needed repairs, making such a major repair more likely.