National auto loan rates for April 29, 2010
Here’s a look at the state of auto loan rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted April 29, 2010.
Rates: 6.96 (60-month, new car); 7.7 percent (36-month, used car)
Auto loan rates were mostly up this week. The average rates for 48-month new-car loans and 60-month new-car loans each climbed 1 basis point, to 6.98 percent and 6.96 percent, respectively. Rates for used-car loans stayed put, with the 36-month used-car average parked at 7.7 percent.
Automakers, including Ford and General Motors, are reporting robust first-quarter sales, but that isn’t necessarily good news for buyers looking for cheap financing or rebates on new cars. That’s because strong sales mean automakers don’t have to depend as much on discount programs to help them hit their sales targets, according to a report by BNet. The report cites figures from Edmunds.com showing that manufacturers’ average incentives are down from the record high of $3,165 in March of 2009 to $2,742 in March of this year. One exception is Toyota, which saw its average incentives go from $1,565 a year ago to $2,256 last month.
To find updated auto rates in your area, visit Bankrate’s auto rate table.
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— Claes Bell