Auto LoansRates: 6.95 percent (60-month, new car); 7.8 percent (36-month, used car)
Car loan rates coasted lower this week. The 60-month new-car rate dropped 2 basis points, to 6.95 percent. The average rate for a 36-month, used-car loan also dipped, slipping 3 basis points, to 7.8 percent. The 48-month new car average pulled back 2 basis points, to 6.97 percent.
Last week Experian reported that the number of auto loans at least 60 days late had risen 21.7 percent since the second quarter of 2008. Loans at least 30 days past due also rose, climbing 14.6 percent year-over-year. Scott Waldron, president of Experian automotives, predicts in the report that rapid increases in defaults will force lenders to further tighten lending criteria, leaving some unable to secure financing at all.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell