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. 17, 2010.
Auto loansRates: 6.72 percent (60-month, new car); 7.59 percent (36-month, used car)
Auto loan rates jumped this week on new-car loans and fell slightly for used-car loans. Average rates for 48-month new-car loans were up 10 basis points, to 6.75 percent, with 60-month new-car loans rising 9 basis points, to 6.72 percent. Rates for used-car loans were down slightly; the 36-month used-car average coasted down 3 basis points, to 7.59.
The U.S. Senate introduced a bill this week that would require auto dealers and manufacturers to notify a purchaser upfront if any of the products they're selling are subject to recall or in need of vital repairs, according to a report this week by The Detroit News. The bill, introduced by Democratic Sen. Charles Schumer of New York, was crafted in part as a response to Toyota's massive recall and concern that dealers might still be selling the defective cars.
The law would apply to sellers of all consumer goods, not just autos, and would create a master list of all current national recalls. "Consumers might find it hard to believe, but stores are allowed to sell them something that could be under a recall or in need of a vital repair," Schumer said.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell