auto

National auto loan rates for June 9, 2011

Interest Rate Roundup
Auto loan rate graph
Find the best auto rates in your area.

Auto Loans

  • 5.43% (60-month, new car)
  • 6.5% (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 8, 2011.

Auto loan rates slid significantly this week. The average rate for a 48-month new-car loan fell 8 basis points to 5.41 percent. The 60-month new-car loan average fell even more, dropping 9 basis points, to 5.43 percent. Both of these averages set fresh all-time lows for Bankrate's auto loan survey.

Rates for used-car loans fell, but less dramatically. The average rate for a 36-month used-car loan gave up 1 basis point, to 6.5 percent.

The latest Fed consumer credit report shows the amount of outstanding nonrevolving debt, which includes auto loans, rose to a total of $1.638 trillion, 5.3 percent higher than it was at this time last year.

-- Claes Bell

 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CAR & MONEY NEWSLETTER

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Be wary of counterfeit car tires

Consumer Reports recently found counterfeit tires that had been imported to the U.S. -- and they performed poorly.  ... Read more


Connect with us