Auto loan rates for May 22, 2014

Interest Rate Roundup
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Auto Loans

  • 4.15% (60-month, new car)
  • 4.72% (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 by 1 basis point for the third week in a row, to 4.15 percent. The average rates on 36-month and 48-month new car loans also each fell by 1 basis point, to 4.05 percent and 4.07 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, to 4.72 percent. The average rate on a 48-month used car loan, which remained stable last week, fell this week by 2 basis points to 4.8 percent.

Troubles continued this week for automaker General Motors, as it recalled 2.42 million more vehicles at an additional cost of about $200 million. The latest recalls came only a few days after GM ordered recalls on 2.7 million other cars. GM says it has initiated 29 recalls in the U.S. so far this year, including the four in this latest batch of recalls.

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