National auto loan rates
Here’s a look at the state of auto loan rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted March 3, 2010.
Rates: 7.16 percent (60-month, new car); 7.86 percent (36-month, used car)
Auto loan rates surged across the board this week. The average rate for a 48-month new-car loan jumped 39 basis points, to 7.17 percent. The average for 60-month new-car loans followed suit, blasting up 41 basis points, to 7.16 percent. Rates for used-car loans were also up significantly, with the 36-month used-car average rising 24 basis points, to 7.86 percent.
Spurred by sharply lower sales numbers, Toyota rolled out a round of buyer incentives this week, according to a report by Edmunds.com. The automaker is offering zero-percent financing for up to 60 months on 2010 Avalon, Camry, Matrix, Corolla, RAV4, Highlander, Tundra and Yaris models, all of which, not coincidentally, were part of the massive recall that grabbed headlines recently. Low-priced leases are also being offered on a wide range of Toyota vehicles, including Camry and Corolla models.
To find updated auto rates in your area, visit Bankrate’s auto rate table.
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— Claes Bell