Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted March 10, 2010.
Auto loans
Rates: 7.16 percent (60-month, new car); 7.84 percent (36-month, used car)Auto loan rates were largely unchanged this week. The average rate for a 48-month new-car loan and the average for 60-month new-car loans both stayed put at 7.17 percent and 7.16 percent, respectively. Rates for used-car loans slid a few points, with the 36-month used-car average falling 2 basis points, to 7.84.
The federal government is opening an investigation into another incidence of sudden acceleration in a Toyota vehicle this week, according the Associated Press. According to the report, the gas pedal in James Sikes' Toyota Prius became stuck, causing the car to reach speeds of 94 miles per hour before Sikes, with the help of a state trooper, managed to slow the car and shut the engine off.
The incident underscored Toyota's problems in dealing with a recall that has mushroomed to include millions of vehicles worldwide. The vehicle involved was a 2008 Prius covered by an earlier floor mat recall, but according to the AP report, mats weren't a factor in the incident.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell