Auto loan rates were little changed for the week ending July 10, 2009. This past week’s fairly measurable reduction in mortgage rates, bank rates and Treasury rates had little impact on the auto finance industry.
Long term auto rates for new cars rose modestly while the shorter term auto loan rates remained constant. Used car loan rates displayed a similar pattern. Long term used car loan rates rose modestly while the shorter term rates were mostly unchanged.
The average of the top ten car loan rates with a 60 month term moved up by one basis point or 1/100 of a percent to end the week at 5.74%. The average for the 48 month term car loan rate was up by one basis point as well, closing out the week with an interest rate of 5.63%. 36 month car loan rates remained stationary ending the week at 5.49%.
In the used car loan rate category, the 60 month term used car loan rate increased by two basis points to 6.14% for the week. The 48 month used car loan rate was unchanged at 5.84%. The short term, 36 month term used car loan rate moved in the opposite direction and fell one basis point to end at 5.73%.
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