- 6.79% (60-month, new car)
- 7.56% (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 Aug. 18, 2010.
Auto loan rates mostly stayed put this week. The average rate for a 60-month, new-car loan was the only one that moved; it rose 1 basis point to 6.79. The 48-month, new-car loan, on the other hand, coasted along at 6.81 percent for the week. Used car rates were also flat; the benchmark 36-month, used-car rate remained at 7.56 percent.
General Motors and Mazda announced major recalls this week. General Motors is recalling nearly 250,000 crossover vehicles over defective seatbelts in the second row of seats. The belts may appear to be engaged even when they aren't, and could pop open during a collision. The models affected are the 2009 to 2010 Chevrolet Traverse, Buick Enclave and GMC Acadia, and the 2009 Saturn Outlook.
Mazda is also facing a recall of 215,000 of its cars built between April 2007 and November 2008, and sold in the U.S. A high-pressure pipe in the power steering system on the automaker's Mazda3 and Mazda5 models can corrode, potentially releasing rust into the vehicle's power steering pump that could cause it to shut down. Such a failure could contribute to an accident if it occurred while the car was in motion.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell