- 5.43% (60-month, new car)
- 6.47% (36-month, used car)
Auto loan rates fell slightly this week. The average rates for 48-month new-car loans fell 2 basis points and 60-month new-car loans fell 3 basis points, respectively, to 5.4 percent and 5.43 percent, respectively. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates were also down marginally. The average rate for a 36-month used-car loan gave up 3 basis points, to 6.47 percent.
The owner of Sweden's Saab brand filed for bankruptcy protection this week, according to a report from The Associated Press. The move was intended to buy the company time to receive financing being offered by Chinese investors, which would pay for global reorganization, the company said. The filing shows the company eventually plans to cut production to less than 100,000 cars in 2013 from a current annual level of 140,000 to 160,000 cars.