- 4.22% (60-month, new car)
- 4.79% (36-month, used car)
Rates on new and used car loans rose this week, according to Bankrate's latest survey of interest rates.
The average rate for a 36-month new car loan rose 3 basis points this week to 4.12 percent. The average rate for a 60-month new car loan rose 1 basis point to 4.22 percent, while the average 48-month new car loan went up from 4.12 percent to 4.14 percent.
A basis point is one-hundredth of 1 percent.
The average rate on a 36-month used car loan also rose slightly this week, up 1 basis point to 4.79 percent. Only the average rate for a 48-month used car loan remained the same, at 4.88 percent.
However, this week's movement in auto loan rates is due to a change in the makeup of the survey. One bank in the survey stopped offering auto loans, and this change is responsible for all the movement in average loan rates this week, says Greg McBride, CFA, Bankrate chief financial analyst.