Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Feb. 3, 2010.
Auto loans
Rates: 6.69 percent (60-month, new car); 7.67 percent (36-month, used car)Auto loan rates were up slightly this week. Average rates for 48-month and the 60-month new-car loans each rose 1 basis point, to 6.71 percent and 6.69 percent, respectively. Rates for used-car loans were also up slightly; the 36-month used-car average rose 1 basis point, to 7.67.
The massive recalls of Toyota products due to faulty accelerator pedals could affect resale values for those vehicles in the short term, according to a report last week from The Detroit News. Some dealers are refusing to accept trade-ins until the accelerator problems are cleared up, and owners are urged to immediately seek repairs and retain copies of repair paperwork to present to potential buyers later on.
Domestic automakers wasted no time in exploiting Toyota's difficulties. Last week, General Motors began offering additional incentives, including a choice of $1,000 cash back or zero percent APR, to Toyota owners who trade in their vehicles for a new Chevrolet, Buick or GMC. Ford and Chrysler soon followed suit with similar deals, as did Korean automaker Hyundai.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell