- 4.46% (60-month, new car)
- 5.1% (36-month, used car)
Auto loan rates were a mixed bag in this week's rate roundup.
The average 60-month new-car loan rate is 4.46 percent for the second week. Also for the second week, the 48-month new-car loan rate is 4.31 percent.
For used cars, the average 36-month loan rate fell 1 basis point to 5.1 percent. A basis point is one-hundredth of 1 percentage point.
The price of the lithium-ion batteries used in electric cars are expected to plummet, reports a new study by the consulting firm McKinsey. And according to a story on the study on the website Automotive News, lower battery costs will make electric cars more affordable for consumers.