- 4.37% (60-month, new car)
- 5.01% (36-month, used car)
Auto loan rates were mostly flat for the fifth straight week.
The average rates for 60-month new-car loans stayed planted at 4.37 percent, while 48-month new-car loans fell 1 basis point to 4.22 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loans had an uneventful week, with the average rate for a 36-month used-car loan cruising at 5.01 percent.
Toyota announced the recall of 7.43 million vehicles this week, the largest recall in 16 years, according to a report by NBC News. The recall involves faulty power-window switches that could catch fire if sprayed with commercially available lubricants to fix a "notchy" feeling. The recall affects several models of Toyota and Scion vehicles built between 2007 and 2009.