Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Dec. 9, 2009.
Auto Loans
Rates: 6.74 percent (60-month, new car); 7.59 percent (36-month, used car)After a big jump last week that took them back to October levels, auto loan rates moderated somewhat this week. Rates on new car loans fell across the board, with the average 60-month rate giving up 6 basis points, to 6.74 percent, and the average 48-month rate falling 5 basis points, to 6.77 percent.
Used car loan rates also fell; the average rate for a 36-month, used-car loan slipped 4 basis points, to 7.59 percent. The streak of average rates for 60-month, new-car loans undercutting rates for shorter-term 48-month auto loans continues; it's now at 23 weeks.
Earlier this week Kelley Blue Book released the results of its 2010 Best Resale Value Awards. The awards are given out each year to models with the least amount of expected depreciation after five years of ownership. Toyota and its luxury counterpart Lexus dominated the awards, fielding six winning models total, and each scoring "Best Brand" awards. Only three models from U.S. automakers garnered awards: Ford's F-Series Super Duty and Taurus models, and Chevrolet's Camaro SS. Honda, BMW, Nissan, Audi and Nissan also had winning models.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell