auto

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 Sept. 9, 2009.

Auto Loans

Rates: 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

 

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