Auto loan rates for May 2, 2013

Bankrate.com

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Auto Loans

  • 4.11% (60-month, new car)
  • 4.69% (36-month, used car)

Auto loan rates were mostly flat this week in Bankrate's national survey.

The average rates for 60-month and 48-month new-car loans fell 1 basis point to 4.11 percent and 4.03 percent, respectively. A basis point is one-hundredth of 1 percentage point.

Rates on used-car loans also were unchanged, with the average rate on a 36-month used-car loan staying planted at 4.69 percent.

Volvo is testing a new flywheel system that may soon help drivers substantially improve their fuel economy, according to a report in USA Today. The system, which uses a carbon fiber flywheel spinning at up to 60,000 rpm to capture energy during braking that is released to aid acceleration, could improve a vehicle's gas mileage by 25 percent.



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