Here's a look at the state of auto loan interest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Nov. 18, 2009.
Auto LoansRates: 6.62 percent (60-month, new car); 7.46 percent (36-month, used car)
Auto loan rates smashed previous 2009 lows this week. Rates on new-car loans fell across the board, with the average 60-month rate and the 48-month rate falling 6 basis points each, to 6.62 percent and 6.65 percent, respectively.
Average rates for new-car loans have fallen almost 20 basis points since the same time last month. Used-car loans plunged even further; the average rate for a 36-month, used-car loan gave up 13 basis points, to 7.46 percent. Used-car rates are down 26 points since our Oct. 14 survey. And the streak of average rates for 60-month, new-car loans falling below the rate for a shorter-term 48-month auto loan extended to 21 weeks, normally a rare occurrence.
Domestic automaker Ford and subsidiary Volvo won six awards for exceptional crash safety, according to the Insurance Institute for Highway Safety, or IIHS. In its annual Top Safety Pick awards, the IIHS also awarded Subaru five awards based on how well its cars survived a battery of crash tests. Subaru was the only automaker to have a winning model in each of the four categories in which it competes. In all, 19 cars and eight SUVs earned awards from IIHS.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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