- 4.46% (60-month, new car)
- 5.12% (36-month, used car)
Auto loan rates were mixed again this week.
The average rates for 60-month new-car loan stayed parked at 4.46 percent for the fourth consecutive week. However, the 48-month new-car loan average climbed 1 basis point to 4.33 percent. A basis point is one-hundredth of 1 percentage point.
The average rate for a 36-month used-car loan was also higher, inching up 2 basis points to 5.12 percent.
Many drivers who switched to smaller cars in recent years are happy with their decision, according to a new study by J.D. Power and Associates. In its most recent U.S. Automotive Performance, Execution and Layout Study, small cars received an average of 765 points on a 1,000-point scale from their new owners, who rated the appeal of their new autos. That's the same score that midsize vehicles were averaging four years ago, and evidence that small cars are becoming more feature-rich, according to the study. Small cars that won awards in the study included the Kia Soul and Chevrolet Sonic.