- 4.03% (60-month, new car)
- 4.71% (36-month, used car)
Average rates on new car loans were mixed this week, according to Bankrate's latest survey of interest rates.
The average 36-month new car loan ticked up 1 basis point to 3.96 percent after falling 9 basis points last week. However, the average rates for 60-month and 48-month new car loans stayed the same this week, at 4.03 percent and 3.97 percent, respectively.
A basis point is one-hundredth of 1 percent.
Used car loans also were mixed this week. The average 48-month used car loan rose 1 basis point to 4.78 percent, while the average 36-month used car loan stayed at 4.71 percent for the fourth week in a row.
U.S. sales on light vehicles rose 9 percent in July to 1.44 million, according to Zacks Investment Research. Automakers offered large incentives to attract customers as they tried to boost sales and clear out inventory ahead of the fall influx of new car models. Noted Zacks: "Banks are offering more car loans with lower interest rates and longer repayments," which could also be contributing to an uptick in sales.
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