Auto Loan Rates December 27, 2010

Auto loan rates moved marginally lower for the week ending December 27, 2010.  As most bank lending rates were heading higher in the past few weeks, most notably mortgage rates, auto loan rates managed to come down for most all auto loan terms on both used and new cars. 

Low car loan rates have continued this week mostly due to some of the largest banks keeping their rates relatively low while other loan rate rise.  The lower rates of just a few of the largest U.S banks once again underscores the importance of shopping and comparing car loan rates d when looking for a new car loan.

In the most recent survey of car loan rates performed by Selectautorates.com, the average auto loan rate covering all loan terms and loan types from 60 month new car loans to 36 month used car loans, closed out the week with an interest rate of 4.11 percent.  The Selectautorates.com survey of bank car loan rates collects the current rate information on new and used auto loans as well as refinance car loans from the largest bank lenders across the nation.

The average rate on a new car loan with a 60 month term ended the week of December 27 at 3.92 percent.  A new car loan rate for a 48 month term loan ended at 3.84 percent.  A 36 month loan for a new car closed the week with an interest rate of 3.75 percent.

The average rate for used car loan with a 60 month term ended the week at 4.33 percent.  A used car loan with a 48 month term ended at 4.28 percent.  A 36 month used car loan rate closed at 4.22 percent.

The average rate for a car loan refinance with a 48 month term dropped to 4.30 percent while the interest rate on a car loan refinance with a 36 month term is at 4.24 percent.

The car loan rates listed are current as of December 27, 2010.  All car loan rates in the weekly rate survey are obtained directly from the bank lenders in the survey.  All auto loan rates are subject to change without notice and may vary from region to region.  The rate and terms may vary based on the creditworthiness of the individual and other factors such as the down payment and income of the borrower.  All car loans and car loan rates require lender approval.

To find current auto loan rates by bank lender, loan type and loan term for both new and used car purchases or for a refinance of an existing auto loan, view the enclosed auto loan rate tables.  The auto loan rate tables are designed to provide straightforward, rate data to help consumers select the best car loan rate and loan term to meet their needs.

To find more information on the best new car loan rates refer to the new auto loans table by loan term at 36 month auto loan rates, 48 month auto loan rates and 60 month auto loan rates .  To find more information on the best used car loan rates refer to the used auto loan table by term at 36 month used auto rates, 48 month used auto loan rates and 60 month used auto loan rates.  To find more information on the best car loan refinance rates refer to the auto loan refinancing table by term at 36 month car loan refinance rates and 48 month car loan refinance rates.

Tags: 36 month used car loans, 60 month new car loans, auto loan, auto loan rates, car loan rates, car loan refinance, new car loan, used car loan

This entry was posted on Monday, January 3rd, 2011 at 9:36 pm and is filed under Auto Industry Update. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.