New car loan rates made modest improvements last week despite all the market uncertainty gripping the interest rate markets. The potential for a U.S. default because of the protracted the debt ceiling debate had put the markets in a tizzy. However, weak economic fundamentals are still driving bank rates generally and car loan rates specifically. A poor financial outlook and dismissal economic indicators are usually supportive of lower auto loan rates. By the time Friday rolled around, weak economic data ruled the day and consumer borrowing costs for auto financing improved.
Based on the most recent survey of auto finance lenders performed by Selectautorates.com, the average car loan rate for both new car loans and used car loans increased by one basis point or 1/100th of a percent this past week. The average rate for new car loans, covering 36 month term car loans through 60 month term loans, ended the week on July 29 at 3.38 percent. The average interest rate for used car loans moved lower to 3.75 percent. Car loan refinance rates were once again unchanged at 3.86 percent.
60 month term car loan rates on new car purchases held steady for the week at 3.51 percent. On the 48 month term car loan, the average interest rate dropped by one basis point to 3.42 percent. 36 month new car loan rates slipped by a similar amount, ending the week at 3.28 percent.
60 month used car loan rates shifted down by a basis point, placing the average rate on the 60 month used car loan at 3.86 percent. The 48 month used car loan rate displayed no action on the week holding at 3.80 percent. The 36 month used car loan rate traveled a hair lowers to 3.74 percent at week’s end.
Interest rates on car loan refinance transactions were untouched for the second consecutive week. The rate for a 48 month refinance car loan remained at 3.97 percent, while the interest rate for a shorter term, 36 month refinance, stayed at 3.83 percent.
New car loan rates, used car loan rates and refinance car loan rates listed in the Selectautorates.com weekly survey are current as of July 29, 2011. All car loan rates in the survey are obtained directly from the bank auto lenders. The interest rates listed generally represent the best loan rates available to consumers based on the loan applicant’s credit worthiness, down payment and income.
The car loan rates listed in the survey are subject to change without notice by the auto lenders and may vary from region to region. The auto interest rates and loan terms may vary based on the creditworthiness of the individual and other factors such as the down payment and income of the borrower.
To review the complete list of car loan rates from the most current auto loan rate survey posted by term please see the following rate tables: 36 month new auto loan rates, 48 month new auto loan rates, 60 month new auto loan rates, 36 month used auto rates, 48 month used auto loan rates, 60 month used auto loan rates, 36 month car loan refinance rates and 48 month car loan refinance rates.