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. 16, 2009.
Auto LoansRates: 6.77 percent (60-month, new car); 7.60 percent (36-month, used car)
Auto loan rates mostly idled this week. Rates on new car loans were unchanged, with the average 48-month and 60-month car loan rates staying at 6.80 percent and 6.77 percent, respectively. Used-car loan rates fell slightly; the average rate for a 36-month, used-car loan coasted down 1 basis point, to 7.60 percent. Rates for 60-month, new-car loans continued undercutting rates for shorter-term 48-month auto loans for the 25th week in a row.
Auto leasing is beginning to pick up again, according to an article published this week in The Detroit News. Rising auto resale prices as well as the gradual thawing of consumer credit have led lenders to begin a tentative shift back into large-scale leasing. Still, monthly payments are nowhere near as low as they were before the recession began, and automakers are being extremely cautious about what models, and under what circumstances, they're willing to lease, according to the article.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell