- 4.48% (60-month, new car)
- 5.12% (36-month, used car)
Auto loan rates were down across the board this week.
The average rate for a 48-month new-car loan fell 5 basis points to a record low of 4.32 percent. The average rate for a 60-month new-car loan also was down, dropping 1 basis point to 4.48 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates followed new-car rates lower, with the average rate for a 36-month used-car loan lopping off 1 basis point to 5.12 percent.
With the recent fluctuations in gas prices, paying $500 to $800 for a high-mileage "eco" model may seem like a good idea, but it rarely pays off for consumers, according to a new study by Consumer Reports. The study found that annual fuel savings of $20 to $145 mean it will take years to recoup the additional cost of high-mileage models, which incorporate gas-saving features such as aerodynamic wheel covers and low rolling resistance tires.