- 5.3% (60-month, new car)
- 6.32% (36-month, used car)
Auto loan rates on new cars were flat this week. The average rates for 48-month and 60-month new-car loans held steady at 5.27 percent and 5.3 percent, respectively.
Used-car loan rates also were unchanged. The average rate for a 36-month, used-car loan stayed at 6.32 percent.
This week, former General Motors subsidiary Saab filed for bankruptcy, effectively ending any hope of resurrection for the Swedish automaker, according to a report by Detroit Free Press. A Chinese company had agreed to buy the automaker, which has been producing autos for more than six decades, from a Dutch entrepreneur. But that deal fell through over objections from GM, which feared that some of its technology would fall into the hands of Chinese competitors.