- 6.18% (60-month, new car)
- 7.20% (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. 23, 2011.
Auto loan rates were mixed this week, with average rates on new-car loans and used-car loans moving in opposite directions. The average rates for 48-month new-car loans and 60-month new-car loans each lost 1 basis point, settling at 6.13 percent and 6.18 percent, respectively.
Used-car loan rates, on the other hand, were up. The average rate for a 36-month used-car loan, a popular option for auto loan refinancing, climbed 2 basis points to 7.20 percent.
Ford moved this week to recall 144,000 F-150 trucks from model years 2005 and 2006 over concerns about air bags that could deploy without warning, according to a report in The Detroit News. The move came as a result of a National Highway Traffic Safety Administration investigation into 238 reports of air bags going off in the full-size pickups and injuring passengers. The NHTSA had originally asked Ford to recall 1.3 million of the vehicles, and is reviewing Ford's action to decide whether to push for a wider recall.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell