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 Sept. 30, 2009.
Rates: 6.9 percent (60-month, new car); 7.78 percent (36-month, used car)
Auto loan rates were mixed this week. The 60-month and 48-month new-car rates each fell 2 basis points, to 6.9 percent and 6.92 percent, respectively. The average rate for a 36-month, used-car loan bumped up one basis point, to 7.78 percent.
Bloomberg reported this week that General Motors and Ford are phasing out the once-ubiquitous deep discounts and rebates that have sapped their profits for decades. Discounts on Detroit autos have long dwarfed those offered by Japanese automakers; now, because of declines in auto inventory caused by the Cash for Clunkers program and big cuts in auto production, consumers looking to buy American can expect to pay a price much closer to the sticker on the window.
To find updated auto rates in your area, visit Bankrate’s auto rate table.
— Claes Bell