- 4.47% (60-month, new car)
- 5.13% (36-month, used car)
Auto loan rates were flat this week.
The average rates for 48-month and 60-month new-car loans coasted at 4.36 percent and 4.47 percent, respectively.
Used-car loan rates were also unchanged, with the average rate for a 36-month used car coming in at 5.13 percent again this week.
This year is looking to be a banner year for the auto industry, according to a report by Edmunds.com. Lacey Plache, Edmunds' chief economist, predicted this week that auto sales would exceed 14.4 million by the end of the year, amounting to a 12.5 percent increase over 2011. Rising consumer confidence, along with pent-up demand from years of customers holding off on new auto purchases, should contribute to rising sales, according to the report.