- 5.34% (60-month, new car)
- 6.35% (36-month, used car)
Auto loan rates were unchanged this week. The average rates for 48-month and 60-month new-car loans cruised at 5.31 percent and 5.34 percent, respectively.
Used-car loan rates were also flat. The average rate for a 36-month, used-car loan remained at 6.35 percent.
Toyota announced this week it is recalling more than 400,000 Toyota and Lexus vehicles in the U.S. for a defect that could suddenly make it difficult for drivers to steer, according to a report in the Detroit Free Press. The recall will cover 2004 and 2005 Camry, Highlander, Sienna and Solara models, the 2004 Avalon and the 2006 Highlander HV as well as several Lexus models, including the 2004-2005 ES330 and RX 330 models and the 2006 RX400h.