Auto Loans
- 6.19% (60-month, new car)
- 7.16% (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. 8, 2010.
Auto loan rates fell further this week into record-low territory. New-car rates were lower across the board, with the average rate for a 60-month, new-car loan falling 3 basis points to 6.19 percent. The rate for 48-month, new-car loans also slid, dropping 2 basis points to 6.22 percent.
Used-car loans were also lower in this week's survey. The average rate for a 36-month, used-car loan shed 5 basis points, to 7.16 percent.
This month the National Highway Traffic Safety Administration, or NHTSA, proposed new requirements for rearward visibility in cars and trucks by 2014, according to a report by The Detroit News. The requirements are intended to prevent motorists from accidently backing over pedestrians, particularly children under 5 years of age, 100 of whom are killed in such accidents every year. To comply with the proposed rules, automakers would most likely have to install rear-facing cameras and screens in new autos, adding between $159 and $203 to the cost of producing a new vehicle.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell