- 6.43% (60-month, new car)
- 7.34% (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 Nov. 10, 2010.
Auto loan rates mostly stayed glued to the all-time lows they set last week. New-car rates were unchanged, with the average rates for 60-month new-car loans and 48-month new-car loans staying at 6.43 percent and 6.45 percent, respectively. On the other hand, used-car rates ticked down 1 basis point, setting another all-time low in Bankrate's weekly survey. The benchmark 36-month used-car loan fell 1 basis point to 7.34 percent.
American automakers continue to show signs of strength, a reassuring sign for the millions of consumers who own those manufacturers' cars and will need parts and services years into the future. The reorganized General Motors netted $2 billion in the third quarter of 2010, and is close to an initial public offering, or IPO, that could pay back the federal government a large chunk of the cash it used to stabilize GM. Meanwhile, Ford's stock price is above $16 for the first time in 6 years, and the company is also showing strong profits.
The downside for consumers, however, is that much of this resurgence comes thanks to higher prices for domestic cars. The transaction prices paid for Buick Lacrosse models and Chevy Equinox models rose $7,500 and $3,900 over the second quarter of 2009, according to a report by Bloomberg BusinessWeek.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell