Auto loan rates plummeted this week for all loan terms.

Across the board, new car loan rates dropped 9 basis points. Now, the 60-month new-car loan rate is 7.13 percent, the 48-month new-car loan rate is 7.1 percent and the 36-month new-car loan rate is 7.05 percent. A basis point is one-hundredth of a percentage point.

In used cars, the 36-month loan rate is down 10 basis points, to 7.8 percent, and the 48-month used-car loan rate fell 8 basis points to 7.86 percent.

The debate over a bailout for U.S. automakers is raging on Capitol Hill this week. On Tuesday, executives from GM, Ford and Chrysler made their pitch to the Senate for $25 billion in aid.

On Wednesday, an Associated Press story quoted Banking Committee Chairman Chris Dodd, D-Conn., as calling the possibility of reaching an agreement "remote."

-- Sheyna Steiner

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