Auto Loans
- 6.6% (60-month, new car)
- 7.48% (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 Oct. 6, 2010.
Auto loan rates were mixed this week. New-car rates were down; the average rates for a 60-month, new-car loan and a 48-month, new-car loan each fell 1 basis point, to 6.6 percent and 6.63 percent, respectively. Used car rates, on the other hand, stayed put. The benchmark 36-month, used-car loan stayed planted at 7.48 percent.
The National Highway Traffic Safety Administration, or NHTSA, unveiled new crash safety ratings standards this week for autos sold in the U.S. The new standards will keep the 5-star rating format but broaden the NHTSA testing regimen, adding tests using "female" crash dummies, side-impact testing simulating a collision with a stationary object and evaluation of crash-avoidance equipment such as electronic stability control. Overall, the new standards are meant to raise the bar for U.S. auto safety. Models from two automakers, Hyundai and BMW, have already earned 5-star ratings.
To find updated auto rates in your area, visit Bankrate's auto rate table.
-- Claes Bell