Interest Rate Roundup
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Auto Loans
- 4.25% (60-month, new car)
- 4.96% (36-month, used car)
Auto rates inched higher in Bankrate's survey this week.
The average rates for 60-month new-car loans and 48-month new-car loans rose 1 basis point to 4.25 percent and 4.17 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Used-car loans also were up slightly, with the average rate for a 36-month used-car loan, sneaking up 1 basis point to 4.96 percent.
If you have a hard time finding the model of car you're looking for in the next couple of weeks, Superstorm Sandy may be to blame, according to a report by Bloomberg News. Toyota, Chrysler, Nissan and Honda plan to scrap 15,000 vehicles rendered unsalable by the storm, and up to 200,000 vehicles may have to be replaced, according to the report.
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