Auto Loans
- 6.19% (60-month, new car)
- 7.17% (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 Dec. 15, 2010.
Auto loan rates were mixed this week. New-car rates stayed put, with the average rates for a 60-month, new-car loans and 48-month, new-car loans cruising at 6.19 percent and 6.22 percent, respectively.
Used-car loans, on the other hand, rose slightly. The average rate for a 36-month, used-car loan, often used for auto loan refinancing, gained 1 basis point, to 7.17 percent.
A study out this week by J.D. Power finds poor exterior styling and high price are the biggest reasons consumers reject a car they're considering. The study, which polled 25,000 people who registered a new vehicle in May, also found poor reliability, an unattractive interior and a bad manufacturer reputation were key factors in customers choosing not to buy an auto.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell