- 4.23% (60-month, new car)
- 4.71% (36-month, used car)
Rates on new and used car loans were largely unchanged this week, according to Bankrate's latest survey of interest rates.
Only the rate on a 60-month new car loan changed, dropping 1 basis point to 4.23 percent. A basis point is one-hundredth of a percentage point.
The average rates for 36-month and 48-month new car loans stayed the same for the third straight week, at 4.03 percent and 4.14 percent, respectively.
Rates for used car loans were also stagnant this week, with the average 48-month used car loan staying at 4.9 percent and the average 36-month used car loan holding steady for the seventh week at 4.71 percent.
If you're in the market for a car, check for any recalls that have been issued for the car you're considering. Recently, General Motors recalled 1.6 million vehicles with faulty ignition switches. This week, Nissan announced a recall for more than 900,000 vehicles after problems occurred with front passenger air bags.
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