Auto Loans
- 5.22% (60-month, new car)
- 6.26% (36-month, used car)
Auto loan rates inched downward this week for the second straight week. The average rate for a 48-month new-car loan was flat at 5.16 percent, but the average rate for a 60-month new-car loan fell 1 basis point to 5.22 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates were also down. The average rate for a 36-month used-car loan fell 1 basis point to 6.26 percent.
The average age of the U.S. auto fleet hit a record 10.8 years in 2011, according to a report by the Detroit Free Press. That number is up from the previous record of 10.6 years set in 2010. Average vehicle age has been rising since 1995, when it was 8.4 years, according to the report.