Auto Loans
- 5.51% (60-month, new car)
- 6.41% (36-month, used car)
Auto loan rates did an about-face in this week's rate survey, with all loan terms surveyed up over last week.
The average rate for a 48-month new-car loan is up 3 basis points to 5.48 percent. The average 60-month new car loan rate is up 3 basis points to 5.51 percent. A basis point is one-hundredth of 1 percentage point.
The average rate for a 36-month used-car loan is up 1 basis point to 6.41 percent.
On Tuesday, the Highway Loss Data Institute announced that advanced technology used by carmakers is helping prevent crashes in high-end vehicles. The advanced forward collision avoidance feature in the Volvo XC60, a midsize SUV, helps drivers avoid low-speed crashes, the institute concluded from a study of insurance claims.
Volvo drivers with the City Safety feature were 27 percent less likely to file claims under property damage liability coverage. City Safety has been a standard feature on the XC60 since the 2010 model year.
The City Safety feature only works at speeds less than 19 miles per hour. It helps drivers avoid low-speed collisions on busy roads by braking if it senses other vehicles within 18 feet of the front bumper.