Auto LoansRates: 6.97 percent (60-month, new car); 7.83 percent (36-month, used car)
Auto loan rates downshifted this week. The 60-month, new-car rate fell 4 basis points to 6.97 percent. The average rate for a 36-month, used-car loan was also lower, falling 1 basis point to 7.83 percent. The average rate for a 48-month, new-car loan dropped 3 basis points, to 6.99 percent.
A Consumer Reports study out earlier this month found that new-car buyers have American cars on the brain, with 81 percent considering a domestic brand for their next car purchase. Ford, in particular, has polished up its reputation with consumers, showing a 17 percent increase in the number of new-car buyers who would consider the brand for their next purchase. Chrysler, on the other hand, saw a 25 percent decrease in the number of new-car buyers who would consider buying one of its vehicles.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell