- 4.04% (60-month, new car)
- 4.72% (36-month, used car)
Average rates on car loans ticked up slightly this week, according to Bankrate's latest survey of interest rates.
Across the board, the average car loan rates for new and used cars rose 1 basis point this week.
A basis point is one-hundredth of 1 percent.
That means that the average 60-month new car loan rose from 4.03 percent to 4.04 percent this week. The 36-month new car loan average went from 3.96 to 3.97. And the 48-month new car loan rose to 3.99 percent.
Used car loans saw the same trend. After spending seven weeks at 4.71 percent, the average 36-month used car loan rose to 4.72 percent. The average 48-month used car loan took a small step up 1 basis point to 4.79 percent.
Earlier this week, Edmunds.com forecast that auto companies will report a seasonally adjusted annual sales rate of 16.9 million, with August sales forecast at more than 1.5 million cars. An article by The Wall Street Journal noted that this is a roaring comeback for auto sales from the recession, but also questions whether the growth in auto sales would be "dented" if easy consumer access to auto loans was slowed.
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