Auto Loans
- 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 20, 2011.
Auto loan rates were unchanged across the board this week. The average rate for 48-month, new-car loans and 60-month, new-car loans each idled at 5.53 percent and 5.58 percent, respectively.
Rates for used-car loans were also flat. The average rate for a 36-month, used-car loan stayed put at 6.43 percent.
Although they were unchanged this week, it's worth noting that average rates on auto loans are currently at their lowest level since Bankrate began tracking them in 1985. That means if you're in the market for a new car and are looking for an auto loan to finance it, or you're looking to refinance an old auto loan on a car you already own, it might pay to act sooner rather than later.
While auto loan rates don't have the same impact on monthly payments that mortgage rates do, all things being equal, a lower auto loan rate is better, and they're probably not going to get much lower than they are right now.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell