- 5.46% (60-month, new car)
- 6.5% (36-month, used car)
Auto loan rates were down slightly this week. The average rates for 48-month new-car loans and 60-month new-car loans fell 1 basis point each, to 5.42 percent and 5.46 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates also retreated. The average rate for a 36-month used-car loan gave up 1 basis point, to 6.5 percent.
This week, Ford unveiled a plan to provide 1,000 of its cars to car-sharing service Zipcar, according to the Detroit Free Press. The automaker wants to ensure today's college students, who are less likely to have driven in high school than past students, are exposed to their latest generation of vehicles.
To promote the effort, Ford and Zipcar will offer $10 off of the $35 annual membership fee for the first 100,000 new university students who sign up for Zipcar, plus $1 off of the hourly rate for a limited time.