- 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 Jan. 5, 2011.
Auto loan rates were down across the board this week. The average rate for a 60-month, new-car loan was down 2 basis points, settling at 6.19 percent. Meanwhile, 48-month new-car loan rates slid 3 basis points, to 6.15 percent. Last week's survey marked the first time in over a year that 48-month loans had a lower interest rate than their 60-month counterparts, and that trend continues this week.
Used-car loan rates followed a similar trajectory to new-car loans, with the average rate for a 36-month used-car loan, a popular option for auto loan refinancing, losing 2 basis points, to 7.17 percent.
This week, Consumer Reports released the results of its influential Car Brand Perception Survey. Ford and Toyota scored top marks, followed by Honda, Chevrolet and BMW. Ford has dramatically improved its standing in the survey over the past two years, rising from a distant third place behind Honda to neck-and-neck with Toyota and achieving the best scores in safety, quality and value.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell