- 4.25% (60-month, new car)
- 4.85% (36-month, used car)
After being stagnant over the holidays, rates on new and used car loans rose, according to Bankrate's latest survey of interest rates.
Most notable were the rises in used auto loan rates. The average rate on a 36-month used car loan rose 13 basis points, from 4.72 percent to 4.85 percent. For a 48-month used car loan, the average rate rose a whopping 29 basis points to 5.02 percent.
A basis point is one-hundredth of 1 percent.
New car loans also rose. For a 60-month new car loan, the average rate rose 3 basis points, from 4.22 percent to 4.25 percent. The average rate on a 36-month new car loan also rose 3 basis points to 4.06 percent, while the average rate on a 48-month new car loan rose 4 basis points to 4.17 percent.
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