- 5.03% (60-month, new car)
- 6.06% (36-month, used car)
Auto loan rates continue smashing through record lows. The average rate for a 48-month new-car loan broke 5 percent for the first time, falling a hefty 11 basis points to 4.98 percent. The average rate for a 60-month new-car loan fell even more, ending up down 13 basis points to 5.03 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates also punched through previous lows. The average rate for a 36-month used-car loan shaved off 6 basis points to 6.06 percent.
This week, Transportation Secretary Ray LaHood announced he would delay finalizing a regulation that would require rear-facing backup cameras in cars by 2014, according to a report in The Detroit News. That marks the third time LaHood has delayed the rule, which is designed to protect pedestrians, particularly children and senior citizens, from backup collisions. In delaying the final regulation, LaHood cited a National Highway Traffic Safety Administration recommendation that the issue required further study.