- 5.66% (60-month, new car)
- 6.58% (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 6, 2011.
Auto loan rates fell across the board this week. The average rates for 48-month new-car loans and 60-month new-car loans fell 3 basis points each, to 5.61 percent and 5.66 percent, respectively.
Used-car loans took a more noticeable tumble. The average rate for a 36-month used-car loan fell 9 basis points, to 6.58 percent.
A new study by the AAA finds the costs of owning and operating a vehicle in the U.S. have risen substantially in the last year, driven in part by a more than 15 percent jump in tire prices. It now costs $8,776 per year, or 58.5 cents per mile, to operate the average American sedan, up 3.4 percent over last year.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell