Auto loan rates for July 24, 2014

Bankrate.com

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Auto Loans

  • 4.14% (60-month, new car)
  • 4.71% (36-month, used car)

Average loan rates on new and used cars were mixed this week, according to Bankrate's latest survey of interest rates.

The 36-month new auto loan was the only new car loan average to move this week, dropping 1 basis point to 4.04 percent, back to where it was two weeks ago. The average rates on the 60-month and 48-month new car loans remained the same this week, at 4.14 percent and 4.06 percent, respectively.

A basis point is one-hundredth of 1 percent.

Meanwhile, the average rate for a 48-month used car loan actually ticked up by 1 basis point this week to 4.79 percent, hitting its highest average since May 22. The average 36-month used car loan stayed at 4.71 for the second straight week.



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