Auto loan rates remained unchanged for the week ending January 15, 2010. The average rate for all terms on both used and new car loans were unmoved from the first week in January based on our survey of the top banks and auto lenders.
Each week selectautorates.com surveys some of the nation’s largest banks and auto lenders to compile average rates for a variety of loan types and terms and the rates of the top ten auto finance lenders are then published in the enclosed tables.
Rates on new car loans didn’t budge by even one basis point or 1/100 of a percent for this week. The average rate for a 60 month new car loan stood at 6.10%. The average 48 month new auto loan rate is 6.01% and the average rate for the 36 month new car auto loan held at 5.82%.
Used auto loan rates remained stuck in neutral as well. For used auto loans, the used auto loan rate for a 60 month term remained at 6.44%, the 48 month used auto loan rate was 6.40% and the 36 month used car loan rate held at 6.26%.
Refinancing rates followed the other categories and stayed firm week over week. The 36 month refinance rate for the week is 5.94% while the 48 month term auto loan refinance rate is 6.06%.
Continued weakness in the economy is keeping pressure on lending rates. Banks remain more selective on loan approvals and thus are keeping rates low by producing fewer loans while their reserves and bank fund availability remain high. Low levels of economic activity, Federal Reserve continued stimulus and low inflation rates should keep most all bank loan rates low including car loan rates for sometime.
Search the tables enclosed to find updated auto rates for all of the top ten auto lenders for each category and each term. Listed with the financial institution is the term, the car loan APR, the name of the financial institution, web address and phone number.
Tags: auto finance, auto lenders, auto loan, auto loan rate, auto loan refinance, Car loan, car loan rate, used auto loans, used car loan rate
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