Auto loan rates for May 15, 2014

Bankrate.com

Interest Rate Roundup
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Auto Loans

  • 4.16% (60-month, new car)
  • 4.73% (36-month, used car)

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

The average rate on a 60-month new car loan fell 1 basis point to 4.16 percent. The average rates on 36-month and 48-month new car loans also fell by 1 basis point, to 4.06 percent and 4.08 percent, respectively.

A basis point is one-hundredth of 1 percent.

The average rate for a 36-month used car loan also fell 1 basis point, from 4.74 percent to 4.73 percent.

Only the average rate on a 48-month used car loan remained unchanged this week at 4.82 percent.



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