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 2, 2010.
Auto LoansRates: 6.93 (60-month, new car); 7.67 percent (36-month, used car)
Auto loan rates were down across the board. The average rate for a 48-month new-car loan fell 2 basis points, to 6.96 percent. The average for 60-month new-car loans was also down, giving up 3 basis points, to 6.93 percent. Used-car rates also saw declines, with the 36-month used-car dropping 4 basis points, to 7.67 percent.
Ford will soon announce plans to scrap its 72-year-old Mercury brand in the face of continually declining sales and a diminishing lineup of models, according to a report by the Associated Press. The automaker plans to introduce more models for its premium Lincoln brand to help dealers fill the void left by the soon-to-be defunct brand, according to the report.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell