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. 24, 2010.
Auto loansRates: 6.75 percent (60-month, new car); 7.62 percent (36-month, used car)
Auto loan rates were up across the board this week. Average rates for 48-month and 60-month new-car loans were each up 3 basis points, to 6.78 percent and 6.75 percent, respectively. Rates for used-car loans were also up; the 36-month used-car average kept pace with new-car loans, rising 3 basis points, to 7.62 percent.
Congress held hearings this week to examine Toyota's handling of a massive recall that now involves in excess of 8.5 million vehicles worldwide, according to Reuters. On Wednesday, Toyota president Akio Toyoda appeared before the House Oversight and Government Reform Committee to defend his company's response to the defects following testimony from Transportation Secretary Ray LaHood confirming that, without the necessary repairs, the Toyota models named in the recall are not safe.
Toyoda apologized for the company's safety problems and pledged to take measures to correct them. Toyota dealers say their sales are down as much as 30 percent to 50 percent in the wake of the recall, according to a report in the Detroit News.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell