Rates for car loans continued to slide in this week's interest rate survey. All new-car loan terms surveyed fell 1 basis point from last week. That puts the 60-month, new-car loan rate at 6.98 percent, the 48-month loan rate is 6.99 percent and the 36-month loan rate is 6.87 percent.
In used-car loans, the 36-month loan rate lost 1 basis point to 7.82 percent and the 48-month, used-car loan rate has not budged from last week's rate of 7.96 percent.
Americans are waiting longer to trade in their used cars these days. That's what Edmunds.com reported, by way of the Up To Speed blog, in The Los Angeles Times. Vehicles traded in to dealers have been driven an average of 65,883 miles. That's up almost 9,000 miles from the January 2008 average of 57,079.
Let's hope that means a pent-up demand for new cars is coming soon to dealerships.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner