Auto Loans
- 4.45% (60-month, new car)
- 5.11% (36-month, used car)
Auto loan rates were down this week, with the average rate for a 60-month new-car loan falling 1 basis point, to 4.45 percent, a new record low.
The 48-month new-car loan average followed suit, dropping 2 basis points to 4.31 percent, matching the previous all-time low set in July. A basis point is one-hundredth of 1 percentage point.
Though it didn't set any new records, the average rate for a 36-month used-car loan also dropped 1 basis point, ending up at 5.11 percent.
If your local auto dealership seems busy, you're not imagining things. The auto dealerships that managed to survive the recession are thriving, according to a new report from Urban Science, a Detroit-based consulting firm. The average auto dealer is expected to move a record 805 vehicles off its lots this year compared to the previous record of 784 in 2005, according to the report.