- 4.13% (60-month, new car)
- 4.69% (36-month, used car)
Average rates on new and used car loans continued falling this week, according to Bankrate's latest survey of interest rates.
The average rate on a 60-month new-car loan fell by 2 basis points this week to 4.13 percent. The average rates on the 36-month and 48-month new-car loans also fell by 2 basis points, to 4.03 percent and 4.05 percent, respectively.
A basis point is one-hundredth of 1 percentage point.
The rates on used-car loans also fell, with the three-year used-car loan dropping 3 basis points to 4.69 percent. The average 48-month used-car loan also went down 3 basis points to 4.77 percent.
Auto loan debt per borrower has been on the increase for the past three years, according to data released this month by TransUnion. It found that auto loan debt per borrower has increased 13 percent from the first quarter of 2011 through the first quarter of 2014.
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