Auto loan rates for May 8, 2014

Bankrate.com

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Auto Loans

  • 4.17% (60-month, new car)
  • 4.74% (36-month, used car)

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 4.17 percent. The average rates on 36-month and 48-month new car loans fell by 2 basis points, to 4.07 percent and 4.09 percent, respectively.

A basis point is one-hundredth of 1 percent.

The average rates for used cars also fell, with a 36-month used car loan falling 2 basis points to 4.74 percent. The average rate on a 48-month used car loan dropped 2 basis points to 4.82 percent.

Auto sales grew in April to just under 1.4 million cars and trucks, about an 8 percent increase from a year ago. Analysts interviewed by The Associated Press expect that uptick to continue through the rest of the year.



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