Auto Loans
- 6.95% (60-month, new car)
- 7.67% (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 July 21, 2010.
Auto loan rates were mostly unchanged again this week. The average rate for a 48-month, new-car loan fell 1 basis point, to 6.97, but it was the only rate in the Bankrate survey that saw any movement. The average rate for a 60-month, new-car loan stayed put at 6.95 percent. Used-car rates also remained unchanged, with the benchmark 36-month, used-car rate holding at 7.67 percent.
Chrysler's former captive financing giant Chrysler Financial Co. may soon resume large-scale lending, according to a report by Bloomberg. The crash in the value of Chrysler autos had forced the finance unit, which relied on the vehicles as its main source of collateral, to stop writing new loans.
But now that the market for used Chrysler cars has rebounded somewhat, the company may be able to again start offering new loans to Chrysler customers and dealers, rather than exclusively servicing old loans, according to the report.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell