- 4.01% (60-month, new car)
- 4.47% (36-month, used car)
Auto loan rates coasted this week.
The average rate for a 60-month new-car loan was up 1 basis point to 4.01 percent. A basis point is one-hundredth of 1 percentage point.
The average rate on a 48-month new-car loan was unchanged at 3.9 percent. For used cars, the average rate on a 36-month loan was 4.47 percent.
The meteoric rise of electric carmaker Tesla, or at least its stock price, is putting pressure on carmakers to try a little harder on the electric car front, according to Daniel Gross at TheDailyBeast.com.
The carmaker is having an outsized influence on the industry in proportion to cars sold -- slightly more than 2,000 per month. Now established carmakers are scrambling to figure out how to bring an all-electric vehicle with a range of more than 200 miles to consumers at a budget-friendly price.
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