- 4.13% (60-month, new car)
- 4.69% (36-month, used car)
Average rates on new and used car loans were mostly unchanged this week after decreasing for several weeks, according to Bankrate's latest survey of interest rates.
The one outlier was the average rate for a 48-month used car loan, which fell 1 basis point to 4.76 percent.
A basis point is one-hundredth of a percentage point.
By contrast, the average rate on a 36-month used car loan remained steady this week at 4.69 percent after falling the previous five.
The average rates on new car loans also leveled off this week, with the average 60-month new car loan holding at 4.13 percent. The average rates on 36-month and 48-month new car loans were unchanged at 4.03 percent and 4.05 percent, respectively.
Sales of new cars in the United States reached a better-than-expected 1.6 million in May, according to Reuters. General Motors' recent recall woes did not appear to put a damper on its sales, with the automaker posting a 12.6 percent uptick, well above analyst expectations, Reuters reported.
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