Auto Loans
Rates: 6.87 percent (60-month, new car); 7.67 percent (36-month, used car) <
It's another week of gently falling auto loan interest rates, according to the weekly Bankrate.com survey of rates. The 60-month new-car loan rate dropped 3 basis points to 6.87 percent. The 48-month and 36-month new-car loan rates also dropped 3 basis points each. The 48-month new-car loan rate now stands at 6.86 percent and the 36-month new-car loan rate is 6.79 percent.
The 36-month used-car loan rate dropped 1 basis point to come in at 7.67 percent. Standing unchanged for the week, the 48-month used-car loan rate is 7.74 percent.
The national 60-day delinquency rate for auto loans rose 7 percent in the fourth quarter of 2008, according to TransUnion's analysis of trends in the auto lending industry. The delinquency rate, or the ratio of borrowers more than 60 days late on their auto loan, increased from .8 percent to .86 percent at the end of last year.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner