Interest Rate Roundup
- 60-month, new car: 4.37%
- 36-month, used car: 5.17%
Most auto loan rates rose for a second straight week, according to Bankrate's latest survey of interest rates.
Rates on typical 36- and 48-month new car loans increased 10 basis points to 4.29 percent and 4.32 percent, respectively. The average 60-month new car loan increased 9 basis points to 4.37 percent. A basis point is one-hundredth of 1 percent.
Used car loan rates were mixed. Rates for typical 36-month used car loans rose 6 basis points to 5.17 percent, while the average 48-month loan fell 2 basis points to 5.34 percent.
The big change in auto loan rates is the result of a change in the financial institutions participating in Bankrate's survey.