Auto loan rates managed to move lower across the board over the past week according to the weekly survey of the top auto lenders performed by selectautorates.com. Both new and used car loan rates were down modestly for the week across all loan terms or maturities. Car loan refinance rates were lower as well according to the survey.
The average car loan rate from the top ten auto lenders on a 60 month term car loan ended the week lower by two basis points or 2/100 of a percent. The average rate on a new car loan with a 60 month term closed the week at 4.45%.
The average rate for the 48 month auto loan was down by two basis points as well, which pushed the average rate down to 4.33% from 4.35% in the previous week.
The average rate from the top ten auto lenders for a 36 month car loan fell by just one basis point or 1/100 of a percent for the week. The average rate on a new car loan with a 36 month term ended the week at 4.18%.
For used car loans, the 60 month term used car loan rate from 4.78% to 4.76% from the previous week. The 48 month used car loan rate was down by equal amount, dropping to 4.68% from the prior week’s average rate of 4.70%. The short term 36 month used car loan rate came down to 4.54% from the previous week’s rate of 4.55%.
Car loan refinance rates were down for both of the loans terms surveyed by selectautorates.com, the 48 month term loan and the 36 month term loans. The rate for an auto loan refinance on a 48 month terms closed the week with an average rate of 4.63% while the auto refinance rate for a 36 month loan stood at 4.53%. Both rates were lower by two basis points for the week.
Tags: auto lenders, auto loan rates, auto loan refinance, car loan rate, car loan refinance, new car loan, used car loan rates
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