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. 25, 2009.
Auto Loans
Rates: 6.8 percent (60-month, new car); 7.63 percent (36-month, used car)After steadily dropping throughout the month, auto loan interest rates have sprung back to their October levels. The 60-month new car loan rate rose 18 basis points to 6.8 percent. The 48-month new car loan gained 17 basis points to 6.82 percent and the 36-month new car loan rate picked up 18 basis points to come in at 6.74 percent.
Used car loan rates also saw big gains this week. The 36-month used car loan rate is up 17 basis points to 7.63 percent. Also up 17 basis points, the 48-month used car loan rate is 7.79 percent.
Justin Hyde of The Detroit Free Press reported on Saturday that Americans are slowly shifting toward more fuel-efficient cars. According to the story, the EPA has released a report saying that the country's drivers bought slightly more fuel-efficient cars in 2008 than the previous year and the trend is expected to continue.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell