Interest Rate Roundup
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- 4.09% (36-month, new car)
- 4.78% (36-month, used car)
After weeks with relatively little change, rates on new and used car loans saw some movement this week, according to Bankrate's latest survey of interest rates.
The average rate for a 36-month new car loan jumped 6 basis points this week to 4.09 percent. Meanwhile, the average rates for 60-month and 48-month new car loans both fell by 2 basis points, to 4.21 percent and 4.12 percent, respectively.
A basis point is one-hundredth of 1 percent.
The rates for used car loans were also mixed this week. The average 48-month used car loan dropped from 4.9 percent to 4.88 percent. The average 36-month used car loan, which had been at 4.71 percent since mid-February, climbed this week to 4.78 percent.
It's common to see more rate movement at the beginning of a month, as it's a typical time for repricing auto loans and other loan products, says Greg McBride, CFA, chief senior financial analyst for Bankrate.
A report last month by Experian Automotive found that leasing cars is becoming increasingly popular, with 28.4 percent of all new vehicles financed in the last quarter of 2013 being leases, up from 24.8 percent the previous year.
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