- 4.09% (60-month, new car)
- 4.68% (36-month, used car)
Auto loan rates were down slightly again in Bankrate's national survey.
Average rates for 60-month and 48-month new-car loans each fell 2 basis points, to 4.09 percent and 4.01 percent, respectively. A basis point is one-hundredth of 1 percentage point.
For used cars, the average rate on a 36-month loan gave up 2 basis points to 4.68 percent.
If you're looking to buy a new car and you have spotty credit, take heart. A new report from credit bureau Experian shows that the share of auto loans made to subprime borrowers rose 9.7 percent from the end of 2011 to the end of 2012. Overall, 24.7 percent of auto loans for new cars were made to subprime borrowers in the last quarter of 2012.
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