Auto Loans
- 5.51% (60-month, new car)
- 6.54% (36-month, used car)
Auto loan rates were down substantially this week. The average rate for a 48-month new-car loan fell 7 basis points, to 5.47 percent, while the average rate on a 60-month new-car loan declined 6 basis points to 5.51 percent.
Used-car loan rates followed new-car rates downward. The average rate for a 36-month used-car loan dropped 3 basis points, to 6.54 percent.
This week, Goodyear unveiled a prototype for a mass-market, self-inflating tire. Each tire carries a built-in inflation device that keeps track of the pressure within the tire and adds or releases air as necessary. The inflation device is powered by the motion of the tire itself.
The devices not only have the potential to prolong the life of tires through optimizing pressure, but properly inflated tires can raise fuel economy. Goodyear says underinflated tires can increase gas mileage by up to 3.3 percent.