- 4.53% (60-month, new car)
- 5.22% (36-month, used car)
Auto loan rates were mixed this week, with new-car loan rates up slightly. The average rates for 48-month and 60-month new-car loans added 1 basis point, climbing to 4.42 percent and 4.53 percent, respectively.
On the other hand, used-car loan rates held steady, with the average rate for a 36-month used-car loan staying put at 5.22 percent.
It looks like a worldwide slowdown in the production of new cars could be coming in the next few months, following an explosion at a German factory that halted production of an important resin used in car manufacturing, according to a report by The Detroit News. Automakers held a summit this week to discuss ways to deal with a shortage of the resin, which is used to produce several key components for new cars, including fuel tanks, seat fabrics, and coating and connectors for fuel and brake systems.