Auto loan rates for May 1, 2014

Bankrate.com

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Auto Loans

  • 4.18% (60-month, new car)
  • 4.76% (36-month, used car)

Rates on new and used car loans fell this week, according to Bankrate's latest survey of interest rates.

The average rate on a 60-month new car loan fell 4 basis points to 4.18 percent, while the average rates on the 36-month and 48-month new car loans each fell by 3 basis points, to 4.09 percent and 4.11 percent, respectively.

A basis point is one-hundredth of 1 percentage point.

The average rates for used car rates also fell, with a 36-month used car loan dropping from 4.79 percent to 4.76 percent. The average rate on a 48-month used car loan dropped 4 basis points to 4.84 percent.



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