Auto Loans
- 6.23% (60-month, new car)
- 7.22% (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. 23, 2010.
Auto loan rates plummeted this week, breaking Bankrate records across the board. New-car rates took a nose dive: The average rate for a 60-month, new-car loan fell 18 basis points to 6.23 percent and the rate for 48-month, new-car loans fell 20 basis points to 6.24 percent. Used-car loans were down substantially as well. The average rate for a 36-month, used-car loan set a new record low, falling 12 basis points to 7.22 percent.
A study out this month from JD Power found that good customer service, not lower prices, is the most important factor new-vehicle buyers cited when looking to purchase their car or truck from a specific dealer. More than half -- 52 percent -- felt the treatment of customers was key, compared to just 38 percent who cited vehicle price.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell