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National auto loan averages

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 July 29, 2009.

Auto Loans

Rates: 6.96 percent (60-month, new car); 7.82 percent (36-month, used car)

Car loan rates fell for the third week in a row, further sweetening deals for those taking advantage of the government's new "cash for clunkers" program, which officially kicked off Monday.

The 48-month and 60-month new-car loans each fell 2 basis points, to 6.97 percent and 6.96 percent, respectively. Meanwhile, the average rate for a 36-month used-car loan held steady at 7.82 percent.

Already, 16,351 cars and light trucks had been sold under the CARS Act ("cash for clunkers"), says Eric Bolton, a spokesman for the National Highway Traffic Safety Administration. Those vehicles accounted for just over $68 million of the $1 billion authorized by Congress, he says.

That's good news for dealerships hard-hit by the prolonged slump in the U.S. new-car market. "Showroom traffic is up and early sales are exceeding expectations," says a spokesman for the NADA. "How long the $1 billion for the program will last is anybody's guess, but this is a worthwhile program. So if the money runs out, NADA will seek additional funding."

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

-- Claes Bell

 

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