Auto Loans
Rates: 7.01 percent (60-month, new car); 7.81 percent (36-month, used car)Auto loan rates were mixed this week. The average rate for a 48-month new-car loan stayed level at 7.01 percent. The 60-month new-car rate kicked up 1 basis point, to 7.01 percent. The average rate for a 36-month, used-car loan continued a two-week slide, falling 2 basis points to 7.81 percent.
WardsAuto.com is reporting a huge decline in leasing originations for 2009, which is expected to fall below the 2 million mark for the first time in a decade, to 1.2 million, according to Manheim Consulting. Not only does that not bode well for those who prefer to lease rather than buy, it also may mean higher prices for used-vehicle buyers -- fewer leases mean fewer late-model autos coming off leases and into the auto dealers' used-car inventories.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Sheyna Steiner