National auto loan rates

Here’s a look at the state of auto loan rates from’s weekly national survey of large banks and thrifts conducted March 31, 2010.

Auto loans

Rates: 6.95 (60-month, new car); 7.7 percent (36-month, used car)

Auto loan rates tumbled across the board this week. Average rates for 48-month new-car loan and 60-month new-car loans each skidded down 12 basis points, to 6.96 percent and 6.95 percent, respectively. Rates for used-car loans gave ground as well, with the 36-month used-car average losing 5 basis points, to 7.7 percent.

Toyota plans to extend incentives intended to boost sales following its recent recall troubles, according to a report from Bloomberg. The incentives, which include zero percent financing, discounted leases and free maintenance for repeat Toyota customers, should be extended at least another month, according to the report. The incentives have already helped the automaker boost sales 35 percent year-over-year.

To find updated auto rates in your area, visit Bankrate’s auto rate table.

See all auto loan rates content.

— Claes Bell

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