- 5.59% (60-month, new car)
- 6.44% (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 May 11, 2011.
Auto loan rates were mostly up this week. The average rate for a 48-month, new-car loan was flat this week, staying at 5.53 percent. In contrast, the 60-month, new-car loan average rose slightly, adding 1 basis point, to 5.59 percent.
Rates for used-car loans also rose. The average rate for a 36-month, used-car loan added 3 basis points, to 6.44 percent. A basis point is one-hundredth of 1 percentage point.
Inventories of fuel-efficient new cars are dwindling, thanks to a combination of high gas prices and the aftermath of the earthquake in Japan, according to an article in The Detroit Free Press. Inventories of compact and high-mileage models such as the Ford Fiesta, Chevrolet Cruise, Dodge Caliber and Toyota Prius are well below 60 days' worth of supply, the level considered normal in the industry.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell