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Auto loan rates for May 10, 2012

Claes Bell

Interest Rate Roundup

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Auto Loans

  • 4.47% (60-month, new car)
  • 5.13% (36-month, used car)

Auto loan rates set new record lows across the board in this week's survey.

The average rate for a 48-month new-car loan fell 2 basis points to 4.37 percent. The average rate for 60-month new-car loans fell even more, knocking off 3 basis points to 4.47 percent. A basis point is one-hundredth of 1 percentage point.

Used-car loan rates also were down, with the average rate for a 36-month used car backing down 6 basis points to 5.13 percent.

Baby boomers are the driving force behind the recovery of the auto industry, according to a new study by J.D. Power and Associates and AARP. The study found that consumers 50 and older are buying nearly two-thirds, or around 62 percent, of new cars sold. For Detroit automakers, that number is even higher, coming in at 67 percent of total sales.

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