Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Dec. 9, 2009.
Auto Loans
Rates: 6.77 percent (60-month, new car); 7.61 percent (36-month, used car)Auto loan rates rose across the board this week, moving them closer to the multimonth high of two weeks ago.
Rates on new-car loans were up substantially, with the average 48-month and 60-month rates rising 3 basis points each, to 6.8 percent and 6.77 percent, respectively. Used-car loan rates also climbed higher; the average rate for a 36-month, used-car loan edged up 2 basis points, to 7.61 percent. 60-month new-car loans continued undercutting rates for shorter-term 48-month auto loans; the streak is now at 24 weeks.
This week the Environmental Protection Agency announced plans to regulate carbon dioxide, a greenhouse gas blamed by scientists for rising global temperatures. Autos are a major emitter of the gas, and EPA regulations could eventually force automakers to sell more fuel-efficient vehicles, limiting the size and power of automobiles sold in the U.S., according to a report by The Detroit News.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell