- 4.17% (60-month, new car)
- 4.89% (36-month, used car)
Auto loan rates took their first big dip in weeks, falling to new record lows in Bankrate's weekly survey.
The average rate for a 48-month new-car loan fell 6 basis points to 4.09 percent, while the 60-month new-car average fell 7 points to 4.17 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates also took a dive, with the average rate for a 36-month used-car loan falling 5 basis points to 4.89 percent.
Auto loan delinquency rates will remain near record-low levels in 2013, according to a forecast by credit bureau TransUnion. Currently, only 0.36 percent of auto loans are more than 60 days late, and that number is expected to rise only slightly to 0.37 percent by the end of 2013. The fall in auto loan delinquencies has persisted even as more borrowers with checkered credit histories have been able to obtain car loans, according to the report.
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