- 4.25% (60-month, new car)
- 4.95% (36-month, used car)
Auto rates were mixed this week.
The average rate for a 60-month new-car loan idled at 4.25 percent. The average rate for a 48-month new-car loan dropped 1 basis point to 4.16 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loans were also parked, with the average rate for a 36-month used-car loan staying at 4.95 percent.
Is your teen texting and driving? A new study from the University of Michigan found that more than half of teens use cellphones while driving. Perhaps more alarming is that 20 percent of teens admit to having extended, multimessage text conversations behind the wheel. However, there's something parents can do to fight back -- hang up their own phone when they get in the driver's seat. Researchers found that teens who said their parents engage in risky behaviors while driving were more likely to do so themselves.
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