- 4.03% (60-month, new car)
- 4.86% (36-month, used car)
Rates on auto loans dropped this week, according to Bankrate's latest survey of interest rates.
The average rates for 60-month new car loans fell 1 basis point to 4.03 percent from 4.04 percent, while 36-month new car loans fell 1 basis point to 3.95 percent from 3.96 percent. The 48-month new car loan also fell 1 basis point to 3.98 percent from 3.99 percent.
A basis point is one-hundredth of 1 percent.
The average rate for a 36-month used car loan fell 2 basis points to 4.86 percent from 4.88 percent, while the average 48-month used car loan fell 1 basis point to 4.93 percent from 4.94 percent.