- 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 7, 2010.
Auto loan rates were mixed this week. The average rate for a 48-month, new-car loan rose 1 basis point, to 6.98, but the 60-month, new-car loans stayed put at 6.95 percent. Used-car rates, on the other hand, fell. The 36-month, used-car rate was down 1 basis point, to 7.67 percent.
Toyota announced late last week that it was recalling 270,000 of its Lexus luxury cars and SUVs, including 138,000 in the U.S., for faulty valve springs that could cause the car to stall while in motion. Such a stall could endanger passengers, especially since the power-assist on the vehicle's steering and brakes would be disabled until the driver could restart the vehicle.
The recall affects Lexus models 2007-2008 GS 350, 2007-2008 GS 450H, 2008 GS 460, 2006-2008 IS 350, 2007-2008 LS 460, 2007-2008 LS 460 L and 2008 LS 600h L.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell