Auto Loans
- 5.58% (60-month, new car)
- 6.43% (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 18, 2011.
Auto loan rates were mostly down this week. The average rate for a 48-month new-car loan was flat this week, staying at 5.53 percent, but the 60-month new-car loan average fell slightly, losing 1 basis point and falling to 5.58 percent.
Rates for used-car loans followed 60-month new-car loans downward. The average rate for a 36-month used-car loan gave up 1 basis point, to 6.43 percent.
The Consumer Federation of America published a study this week that found the average annual cost of gasoline for an American family is nearly $3,100. That figure is more than 50 percent higher than 2009's average of just under $2,000. In the same study, participants were asked if they'd be willing to support a 60 mpg standard for cars, even if it would drive the cost of new cars higher. More than 60 percent of respondents said they would, provided their fuel costs would fall enough to break even after three to five years.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell