- 4.21% (60-month, new car)
- 4.71% (36-month, used car)
Rates on new and used car loans trended slightly upward this week, according to Bankrate's latest survey of interest rates.
The average rate for a 60-month new car loan rose 3 basis points to 4.21 percent. The average rate for a 48-month new car loan also climbed 3 basis points, to 4.12 percent. The average 36-month new car loan remained unchanged at 3.99 percent.
A basis point is one-hundredth of a percentage point.
The rate changes for used car loans corresponded with those of new car loans. The average 48-month used car loan rose 3 basis points to 4.92 percent, and the average 36-month used car loan stayed the same at 4.71 percent.
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