National auto loan rates for Dec. 15, 2011

Interest Rate Roundup
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Auto Loans

  • 5.3% (60-month, new car)
  • 6.32% (36-month, used car)

Auto loan rates on new cars were down this week for the first time in more than a month. The average rates for 48-month and 60-month new-car loans fell by 4 basis points to 5.27 percent and 5.3 percent, respectively. A basis point is one-hundredth of 1 percentage point.

Used-car loan rates also fell -- but to a lesser degree. The average rate for a 36-month used-car loan lost 2 basis points, and it is now at 6.32 percent.

This week, The National Transportation Safety Board issued a recommendation calling for a nationwide ban on the use of cellphones and other electronic devices by drivers. That would include calls made on hands-free devices such as Bluetooth earpieces pitched as a safer alternative to hand-held devices by manufacturers. The ban comes on the heels of a 2010 crash in Missouri linked to text messaging. The accident left two dead and 38 injured, including passengers on two school buses.




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Tara Baukus Mello

Car loan amounts, terms climbing

More consumers are purchasing new and used cars with auto loans, and those loans are for higher amounts and longer terms.  ... Read more

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