- 4.2% (60-month, new car)
- 4.71% (36-month, used car)
Rates on new and used car loans were mixed this week, according to Bankrate's latest survey of interest rates.
The average rate for a 60-month new car loan fell 1 basis point to 4.2 percent. The average rate for a 48-month new car loan also fell, going from 4.12 percent to 4.1 percent. However, the average 36-month new car loan remained unchanged this week at 3.99 percent.
A basis point is one-hundredth of a percentage point.
The rate changes for used car loans corresponded with those of new car loans. The average 48-month used car loan fell 2 basis points to 4.9 percent, and the average 36-month used car loan stayed the same at 4.71 percent.
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