Auto LoansRates: 6.9 percent (60-month, new car); 7.78 percent (36-month, used car)
Auto loan rates were mixed this week. The 60-month and 48-month new-car rates each fell 2 basis points, to 6.9 percent and 6.92 percent, respectively. The average rate for a 36-month, used-car loan bumped up one basis point, to 7.78 percent.
Bloomberg reported this week that General Motors and Ford are phasing out the once-ubiquitous deep discounts and rebates that have sapped their profits for decades. Discounts on Detroit autos have long dwarfed those offered by Japanese automakers; now, because of declines in auto inventory caused by the Cash for Clunkers program and big cuts in auto production, consumers looking to buy American can expect to pay a price much closer to the sticker on the window.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell