auto

National auto loan rates for Feb. 3, 2011

Interest Rate Roundup
Auto loan rate graph

Auto Loans

  • 6.23% (60-month, new car)
  • 7.24% (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. 2, 2011.

Auto loan rates were mixed this week. The average for a 48-month new-car loan stayed put at 6.18 percent. The 60-month new-car loan average, on the other hand, ticked up 1 basis point, to 6.23 percent.

Used-car loans were also slightly higher. The average rate for a 36-month used-car loan, a popular option for auto loan refinancing, added 1 basis point, ending up at 7.24 percent.

U.S. auto sales surged in January, rising 17.3 percent over January 2010, due to rising consumer demand for new vehicles, according to a report by the Detroit Free Press. U.S. automakers were among the biggest beneficiaries of this sales increase. General Motors and Chrysler each saw their sales climb 22.7 percent over the same time last year.

To find updated auto rates in your area, visit Bankrate's auto rate table.

-- Claes Bell

 

 

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