- 4.52% (60-month, new car)
- 5.23% (36-month, used car)
If you're thinking about taking out an auto loan or refinancing an old one, it's a good time to be in the market. Auto loan rates punctured previous all-time lows this week.
The average rate for a 48-month new-car loan tumbled 9 basis points to 4.41 percent. The average rate for a 60-month new-car loan also fell, dropping 7 basis points to 4.52 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates joined in the record-breaking drop in auto loan rates. The average rate for a 36-month used-car loan fell 9 basis points, ending at 5.23 percent.
This week, Cadillac introduced a new technology suite designed to help prevent collisions. The system combines cameras and radar sensors with a buzzing seat alert to let drivers know when they're wandering out of their lane or getting too close to other vehicles. Should the driver fail to act, the system also has the capability to automatically slam on the brakes. The system will debut on some of the automaker's soon-to-be-released 2013 models.