Interest Rate Roundup
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- 4.37% (60-month, new car)
- 5.01% (36-month, used car)
Auto loan rates stayed put for the fourth consecutive week.
The average rates for 60-month and 48-month new-car loans were unchanged at 4.37 percent and 4.23 percent, respectively.
Used-car loans also stood still this week. The average rate for a 36-month used-car loan stayed planted at 5.01 percent.
Sales of fuel-efficient cars have spiked as gas prices push through the psychologically important $4-per-gallon mark in some areas of the country, according to a report by The Detroit News. General Motors saw sales of its smallest models rise a combined 97 percent from the same time last year, and last month, sales of its plug-in hybrid Volt hit all-time highs. Ford also saw small-car sales take off, rising 73 percent year over year, according to the report.
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