- 4.24% (60-month, new car)
- 4.84% (36-month, used car)
Rates on new and used car loans fell slightly this week, according to Bankrate's latest survey of interest rates.
The average rate for a 60-month new car loan fell 1 basis point to 4.24 percent. The 36-month new car loan also fell 1 basis point to 4.05 percent.
A basis point is one-hundredth of 1 percentage point.
Used car loans also fell slightly, with the average rate on a 36-month used car loan falling 1 basis point to 4.84 percent. A 48-month used car loan fell from an average of 5.02 percent to an average of 5 percent.
The average rate on a 48-month new car loan remained at 4.16 percent this week.
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