- 4.49% (60-month, new car)
- 5.13% (36-month, used car)
Auto loan rates were mixed this week.
The average rates for new-car loans rose for the first time since mid-April. The average rate for a 48-month new-car loan rose by 1 basis point to 4.37 percent. The average rate for a 60-month new-car loan also inched upward, rising 2 basis points to 4.49 percent. A basis point is one-hundredth of 1 percentage point.
On the other hand, used-car loan rates were flat, with the average rate for a 36-month used car coming in at 5.13 percent again for the fourth week.
This week, a federal judge ruled that auto dealers have to inform customers if their bad credit gets them a higher-than-average auto loan rate, even if the dealer intends to immediately assign the loan to a third party, according to a report by the Detroit Free Press. U.S. District Judge Ellen Huvelle also ruled that dealerships must explain how customers can obtain a free copy of their credit report and correct it if necessary in such cases.