auto

National auto loan rates for Aug. 9, 2012

Interest Rate Roundup
Auto loan rate graph
Find the best auto rates in your area.

Auto Loans

  • 4.46% (60-month, new car)
  • 5.12% (36-month, used car)

Auto loan rates were down across the board this week.

The average rates for 60-month new-car loans and 48-month new-car loans each gave up 1 basis point, falling to 4.46 percent and 4.33 percent, respectively. A basis point is one-hundredth of 1 percentage point.

The average rate for a 36-month used-car loan also lopped off 1 basis point, ending up at 5.12 percent.

The Wall Street Journal reported this week that Google has loosened restrictions on where the company's $40 billion in cash reserves can be invested, adding auto loan-backed securities to the list.

That's good news for auto borrowers: Part of the reason for today's rock-bottom auto loan rates is investors' appetites for buying up securitized auto loans. Generally, the more of such securities that large investors such as Google want to buy, the lower the rate for the average borrower.

 

 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CAR & MONEY NEWSLETTER

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Be wary of counterfeit car tires

Consumer Reports recently found counterfeit tires that had been imported to the U.S. -- and they performed poorly.  ... Read more


Connect with us