- 4.13% (60-month, new car)
- 4.69% (36-month, used car)
Average rates on new and used car loans were again unchanged this week, according to Bankrate's latest survey of interest rates.
That means the average 60-month new car loan held steady at 4.13 percent for the fourth week in a row. Similarly, the average rates on the 36-month and 48-month new car loans also stayed the same for the fourth week, at 4.03 percent and 4.05 percent, respectively.
Used car loans also continued to drive on level ground this week. The average rate on a 36-month used car loan has been at 4.69 percent since the May 29 survey. The average 48-month used car loan kept its rate of 4.76 percent.
Automaker GM, which has been plagued in recent months by having to announce recall after recall of its vehicles, added 3.36 million cars to its growing recalls list this week. Like some of the other recalls, this latest one has to do with the vehicles' ignition switch, which can move out of the run position. That can cause power steering and braking to shut off while the car is being driven.
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