Interest Rate Roundup
- 60-month, new car: 4.3%
- 36-month, used car: 5.15%
Rates on auto loans increased dramatically this week, according to Bankrate's latest survey of interest rates.
The average rates for 60-month and 48-month new car loans rose 23 basis points to 4.3 percent and 4.27 percent, respectively. The average rate for a 36-month new car loan rose 22 basis points to 4.24 percent.
A basis point is one-hundredth of 1 percent.
The average rate for a 36-month used car loan rose 29 basis points to 5.15 percent. The average rate for a 48-month used car loan soared 38 basis points to 5.36 percent.
The dramatic change in auto loan rates is the result of a change in the financial institutions participating in Bankrate's survey.