- 4.12% (60-month, new car)
- 4.7% (36-month, used car)
Auto loan rates were up again this week in Bankrate's national survey.
Average rates for 60-month and 48-month new-car loans each ticked up 2 basis points to 4.12 percent and 4.04 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Rates on used-car loans were up as well, with the average rate on a 36-month used-car loan rising to 4.7 percent.
In response to allegations that it inflated fuel-economy claims, Ford unveiled a contest this week that will award $50,000 to a developer who creates the best in-car app to help drivers monitor their fuel economy, according to a report from the Detroit Free Press. The carmaker will provide access to Ford's onboard data platform to help developers create the app, which it hopes will give drivers information on how their driving habits affect their overall fuel economy.
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