- 4.22% (60-month, new car)
- 4.79% (36-month, used car)
Rates on new and used car loans were mostly stagnant this week, according to Bankrate's latest survey of interest rates.
Only the rate on the average 48-month used car loan moved, dropping 1 basis point to 4.87 percent, but the average rate on a 36-month used car loan held steady this week at 4.79 percent.
A basis point is one one-hundredth of a percentage point.
The average rate for a 36-month new car loan remained this week at 4.12 percent. Similarly, the average rates for a 60-month new car loan and a 48-month new car loan also stayed the same as last week, at 4.22 percent and 4.14 percent, respectively.
The Federal Reserve's latest Beige Book, released this week, reported that sales of cars and light trucks began to pick up in late March and early April "as the weather improved and consumer traffic returned to dealerships."
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