Auto Loans
- 6.41% (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. 17, 2010.
Auto loan rates were mixed this week. New-car rates set another record low, with the average rate for a 60-month new-car loan falling 2 basis points to 6.41 percent and 48-month new-car loans falling 1 basis point to 6.44 percent. On the other hand, rates on 36-month used-car loans stood unchanged from last week's record lows, at 7.34 percent.
Thanks in part to U.S. consumers choosing smaller, lighter cars, overall fuel economy of the U.S. automotive fleet set a new record high in 2009. This beats out any year since 1975, when the federal government first began tracking national fuel economy, according to a report by The Detroit News. All told, fleetwide fuel economy rose 1.4 mpg over 2008 levels, to 22.4 mpg, while average horsepower among new cars fell from 219 to 208 and average weight declined from 4,085 pounds to 3,917 pounds.
New fuel economy records could easily be set in the years ahead as a new EPA requirement for automakers to achieve 34.1 mpg fleetwide phases in by 2016.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell