- 6.64% (60-month, new car)
- 7.50% (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 Sept. 15, 2010.
Auto loan rates fell for the fourth straight week in our most recent survey. The average rate for a 60-month new-car loan fell 3 basis points, to 6.64 percent. The 48-month new-car average also dropped 4 basis points, to 6.66 percent. Used-car rates saw a similar decline; the benchmark 36-month used-car loan gave up 3 basis points, to 7.5 percent.
Ford gave word this week that it's seeking to reduce its network of dealerships by 10 percent to 3,000 in order to cut costs, according to a report by the Automotive News. Because Ford is shuttering its Mercury brand, some of the closings will probably include standalone Lincoln Mercury dealerships. Dealer closings can sometimes adversely affect owners who live nearby by forcing them to travel farther for service and warranty repairs.
To find updated auto rates in your area, visit Bankrate's auto rate table.-- Claes Bell