Auto Loans
- 5.39% (60-month, new car)
- 6.38% (36-month, used car)
Auto loan rates were down across the board this week. The average rates for 48-month new-car loans and 60-month new-car loans fell 2 basis points to 5.35 percent and 5.39 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates also were down but by slightly more substantial margins. The average rate for a 36-month used-car loan fell 4 basis points to 6.38 percent.
General Motors announced a partnership with car-sharing firm RelayRides to let owners rent their GM vehicles to others, according to a report by The Detroit News. RelayRides will connect drivers to car owners online and provide insurance to drivers during the rental period, using GM's OnStar, to give drivers a way to unlock and start a shared car via a mobile phone rather than having to arrange the drop-off and pickup of keys, according to the report.