Auto rates for May 31, 2012


Auto loan rates were a mixed bag this week. The average rates for new-car loans rose for the first time since mid-April. The average rate for a 48-month new-car loan rose by 1 basis point to 4.37 percent. The average rate for a 60-month new-car loan also inched upward, rising 2 basis points to 4.49 percent.

On the other hand, used-car loan rates were flat, with the average rate for a 36-month used car loan coming in at 5.13 percent, again for the fourth week.

Lenders are not only making more auto loans, but their lending to consumers with less-than-stellar credit. A new report from Experian Automotive states that restrictions among lenders are easing up. TransUnion, another credit reporting agency, reports the rate of late payments on auto loans fell nationally by 27 percent for the first three months of 2012.

If low auto loan rates have you gearing up to buy car - make sure you get the best interest rate by shopping around - you can do that right here at I'm Kristin Arnold.



Show Bankrate's community sharing policy
          Connect with us

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
Partner Center


Tara Baukus Mello

Air bag recall hits 7.8M cars

About 7.8 million cars have been recalled due to a possible problem with the airbags that could cause them to deploy unexpectedly.  ... Read more

Connect with us