- 5.58% (60-month, new car)
- 6.43% (36-month, used car)
Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted April 13, 2011.
Auto loan rates fell sharply this week. The average rate for 48-month, new-car loans and 60-month, new-car loans each fell 8 basis points, to 5.53 percent and 5.58 percent, respectively.
Used-car loans took an even larger tumble. The average rate for a 36-month, used-car loan fell 15 basis points, to 6.43 percent. In the last two weeks, that average has fallen by 24 basis points.
Getting a subprime auto loan is getting much easier. A study by CNW Research shows approvals for subprime loans rose 92 percent since the same time last year. Prime loan approvals also showed a marked increase, rising 13.55 percent over last year. CNW report found nearly 90 percent of prime loan applications had a positive result, the highest approval rate in five years.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell