- 4.02% (60-month, new car)
- 4.73% (36-month, used car)
Rates on auto loans were mixed this week, according to Bankrate's latest survey of interest rates.
The average rates for 60-month and 36-month new car loans fell 2 and 3 basis points, respectively, to 4.02 percent and 3.94 percent. The 48-month new car loan also fell, dropping 2 basis points to 3.97 percent.
A basis point is one-hundredth of 1 percent.
Rates on used car loans moved in the opposite direction. The average rate for a 36-month used car loan rose 1 basis point to 4.73 percent, while the average 48-month used car loan inched up 1 basis point to 4.8 percent.