Auto Loans
- 5.32% (60-month, new car)
- 6.29% (36-month, used car)
Auto loan rates were down substantially this week, hitting across-the-board, all-time lows in Bankrate's weekly survey.
The average rate for a 48-month new-car loan dropped 6 basis points, to 5.29 percent, while the 60-month new-car rate sliced off 7 basis points, to 5.32 percent. A basis point is one-hundredth of 1 percentage point.
Used-car loan rates also hit all-time lows this week. The average rate for a 36-month used-car loan fell 9 basis points, bottoming out at 6.29 percent.
An annual study on color preferences for North American car buyers finds white bumping off silver as the most popular color. One in 5 2011 models sold in North America were white, with silver, black and gray rounding out the top four car colors. Two less monochromatic selections, red and blue, tied for fifth.