Auto Loans
- 4.52% (60-month, new car)
- 5.22% (36-month, used car)
It looks like auto loan rates will continue taking a breather from the wild dives we've seen over the last few months. The average rates for 48-month and 60-month new-car loans held steady this week at 4.41 percent and 4.52 percent, respectively.
Used-car loan rates were also unchanged, with the average rate for a 36-month used-car loan idling at 5.22 percent.
High gas prices are pushing automakers and drivers to seek better fuel economy, according to The Detroit News. A new study by the University of Michigan finds the fuel economy of new cars sold in the U.S. reaching 24.1 mpg, a record high. The fuel efficiency of vehicles sold in March is 20 percent higher than it was in October 2007, the first month the study was published.