- 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 Feb. 9, 2011.
Auto loan rates were down this week. The average rate for a 48-month new-car loan and 60-month new-car loan each shed 4 basis points, landing at 6.14 percent and 6.19 percent, respectively.
Used-car loan rates also fell. The average rate for a 36-month used-car loan, a popular option for auto loan refinancing, fell 7 basis points, ending up at 7.17 percent.
This week the National Highway Traffic Safety Administration concluded a 10-month investigation into runaway acceleration in Toyota cars. Congress ordered the investigation, which was conducted in part by engineers from NASA, to find out whether electronic faults could be causing Toyota products to accelerate on their own. In the end, the investigation found no evidence that Toyota's electronic systems could cause unintended acceleration.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell