National auto loan rates for May 6, 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 May 5, 2010.
Rates: 6.98 (60-month, new car); 7.74 percent (36-month, used car)
Auto loan rates ticked up this week. The average rates for 48-month new-car loans and 60-month new-car loans were up 2 basis points apiece, to 7 percent and 6.98 percent, respectively. Rates for used-car loans also crept upward, with the 36-month used-car average rolling up to 7.74 percent.
After a steady decline earlier this century due to the popularity of SUVs and trucks, the tried-and-true midsized family sedan continued its comeback the second quarter of this year, according to a report by Edmunds Auto Observer. Through April of this year, midsize cars made up 17.8 percent of auto sales, up from a low of 13.3 percent in 2005. The Honda Accord leads the pack in sales, followed closely by Toyota’s Camry, but newer models such as the redesigned Hyundai Sonata and the Ford Fusion showed strong gains as well.
To find updated auto rates in your area, visit Bankrate’s auto rate table.
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— Claes Bell