- 4.03% (60-month, new car)
- 4.71% (36-month, used car)
Average rates on car loans were mostly unmoved this week, according to Bankrate's latest survey of interest rates.
The one exception this week was 48-month new car loans. After staying parked for four weeks in a row, the average rate ticked up 1 basis point to 3.98 percent.
A basis point is one-hundredth of 1 percent.
The rest of the average rates on car loans continued to be stuck in a rut this week.
For the fifth week in a row, 60-month new car loans remained at 4.03 percent. The average 36-month new car loan stayed steady at 3.96 percent.
The average 48-month used car loan held again this week at 4.78 percent, and the average 36-month used car loan stayed steady for the seventh week at 4.71 percent.
This week, a white paper from Equifax argued that subprime auto lending is important to a healthy economy. Subprime auto lending has become a topic of conversation in recent weeks, with some people worried that banks are giving subprime borrowers car loans they can't really afford. The Equifax report discounted fears of a bubble and said the higher rates subprime borrowers pay are driven by competitive pressures.
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