- 4.23% (60-month, new car)
- 4.79% (36-month, used car)
Rates on new and used car loans fell this week, according to Bankrate's latest survey of interest rates.
The average rate for a 60-month new car loan fell 2 basis points to 4.23 percent. The average rates for 48-month new car loans and 36-month new car loans fell 2 basis points to 4.14 percent and 4.04 percent, respectively.
A basis point is one-hundredth of 1 percent.
Used car loans also fell slightly, with the average rate on a 36-month used car loan falling 3 basis points to 4.79 percent. A 48-month used car loan fell 1 basis point to 4.96 percent.
January auto sales fell 3 percent this year compared with January 2013, thanks in part to rough, snowy weather across significant parts of the country.
More From Bankrate.com
- Interest Rates