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Auto Loan Rates This Week: Average Rates Mixed, 3 Year Loans for New Autos Lower and 4 Year Loans Higher
Average auto loan rates was mixed this week compared to last week. Interest rates on mortgages and auto loans have been heading higher as rates have increased. Since the economy is recovering and hiring as picked up we will see higher auto loan rates in 2011 as the Fed raises the Fed funds rate and banks raise rates.
The average 3 year rate on new auto loans is 5.07 percent this week, up from last week’s average rate of 5.05percent for 3 year new auto loans. Right now on our 3 year rate tables PenFed is offering rates at 2.99 percent. Which is considerably lower than the national average rate.
4 year loans for new autos was higher this week compared to last week. The average 4 year loan rate is 5.18 percent, up from last week when 4 year new auto loans average 5.16 percent.
5 year new auto loans rates are also higher this week. The current average rate on 5 year loans is 5.29 percent, up from last week’s average rate of 5.28 percent.
4 year used auto loan rates are lower this week compared to last week. 4 year used auto loan rates are averaging 5.51 percent, down from last week’s average rate of 5.54 percent on 4 year loans for used autos.
Rates on Auto Loans This Week