- 5.32% (60-month, new car)
- 6.36% (36-month, used car)
Auto loan rates were down slightly this week. The average rates for 48-month and 60-month new-car loans each lost 1 basis point, to 5.3 percent and 5.32 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates fell a little more sharply. The average rate for a 36-month used-car loan lost 3 basis points, sliding to 6.36 percent.
This week, Consumer Reports unveiled its latest automaker reliability rankings. Japanese brands dominated. Toyota-owned brand Scion topped the annual rankings, followed by Lexus, Acura, Mazda and Honda. The highest-performing American brand was Jeep, which ranked 13th of 28, followed by Lincoln at 14th. Ford and Porsche had the biggest drops in the rankings compared to last year, with Ford dropping 10 spots to 20th overall and Porsche dropping 25 spots to 27th overall.