auto

National auto loan averages, April 2, 2009

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 1, 2009.

Auto Loans

Rates: 6.82 percent (60-month, new car); 7.62 percent (36-month, used car)

How low can auto loan rates go? This week they continued their decline with all three new-car loan terms in the Bankrate survey slipping 3 basis points.

That means that the 60-month new-car loan rate is now 6.82 percent. The 48-month loan rate is 6.81 percent and the 36-month loan rate is 6.74 percent.

Used-car loans are also becoming just a little bit cheaper every week. This week, both terms surveyed by Bankrate are down 3 basis points. The 36-month used-car loan rate is now 7.62 percent and the 48-month loan rate is 7.69 percent.

It's been a tough week for General Motors and Chrysler. On Monday, President Barack Obama got tough with the two automakers, insisting that they prove they will be viable businesses.

According to MSNBC.com, Obama gave Chrysler 30 days to complete a partnership with Italian car company Fiat. General Motors got a 60-day reprieve to come up with an aggressive restructuring plan.

On Wednesday, Bloomberg reported that the president believes a negotiated bankruptcy will be the likely scenario for General Motors.

To find updated auto rates in your area, visit Bankrate's auto rate table.

-- Sheyna Steiner

 

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