- 5.52% (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 1, 2011.
Auto loan rates were down across the board this week, with some hitting record lows. The average rates for 48-month, new-car loans and 60-month, new-car loans each fell 4 basis points, to 5.49 percent and 5.52 percent, respectively. Those numbers represent record lows in Bankrate's weekly auto loan survey.
Rates for used-car loans were also lower. The average rate for a 36-month, used-car loan shaved off 4 basis points, to 6.51 percent.
This week, Toyota reported its production levels are recovering sooner than predicted following March's deadly earthquake and tsunami. The company said its Japanese auto production would reach 90 percent of pre-earthquake levels in June. The number of parts it's unable to produce has fallen from 150 to just 30. Previously, the company's production of vehicles in Japan and elsewhere had been cut about 50 percent due to parts shortages and other factors.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell