- 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