National auto loan averages
Here’s a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted Oct. 7, 2009.
Rates: 6.83 percent (60-month, new car); 7.71 percent (36-month, used car)
Auto loan rates continued their downward trend this week. Rates on loans for new cars fell for the fourth month in a row; the average 60-month rate came in 7 basis points lower, at 6.83 percent, while the average 48-month new-car rate downshifted 6 basis points, to 6.86 percent. The average rate for a 36-month, used-car loan fell 7 basis points, 7.71 percent.
According to Associated Press, the U.S. International Trade Commission is investigating whether Toyota’s hybrid vehicles such as the Prius infringe on patents held by a Florida-based company.
The report is just the latest in a string of bad news for the Japanese automaker. On Tuesday, the National Highway Safety Administration began an investigation of corrosion problems in the company’s Toyota Tundra pickup truck line. That same day, the company announced a massive recall of 3.8 million Toyota and Lexus vehicles for floor mats that can cause dangerous unintended acceleration, according to The Detroit News.
To find updated auto rates in your area, visit Bankrate’s auto rate table.
— Claes Bell