- 4.59% (60-month, new car)
- 5.32% (36-month, used car)
Auto loan rates showed signs of settling down this week. The average rate for a 48-month new-car loan added 2 basis points, rising to 4.5 percent, according to this week's Bankrate survey. The average rate for a 60-month new-car loan also rose, adding 1 basis point to 4.59 percent. A basis point is one-hundredth of 1 percentage point.
On the other hand, used-car loan rates set another record low this week. The average rate for a 36-month used-car loan fell 4 basis points, ending at 5.32 percent.
Auto leasing is making a comeback, according to a report by The Dallas Morning News. Because of high resale values and low interest rates, lease payments have fallen considerably in the last year, driving a newfound popularity that could drive leasing to 30 percent of vehicle sales, according to the article.