Auto Loans
- 5.5% (60-month, new car)
- 6.51% (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 June 15, 2011.
Auto loan rates in our weekly survey bounced back from all-time lows last week. The average rate for a 48-month new-car loan rose 6 basis points to 5.47 percent. The 60-month new-car loan average logged a similar rise, adding 7 basis points, to 5.5 percent. Much of those increases can be attributed to merger-related changes in the markets we survey, rather than market conditions.
Rates for used-car loans fell, but less dramatically. The average rate for a 36-month used-car loan inched up 1 basis point, to 6.51 percent.
If you're in the market for a fuel-sipping used car, you might want to wait a little while. After months of steady appreciation, resale values for fuel-efficient cars are finally heading back down, according to a new report by Kelley Blue Book. The end of May saw the first drop in fuel-efficient used-car prices since January, likely due to a nationwide easing of fuel prices. Alec Gutierrez, manager of vehicle valuation for Kelley Blue Book, sees the trend lasting at least through the end of the summer.
-- Claes Bell