Auto loan rates were down modestly for the week ending July 31, 2009. The last 30 days has seen a measurable reduction in bank borrowing costs which now appears to be benefitting consumers with lower borrowing costs for new and used auto loans.
Long term auto rates for new cars as well as shorter loan rates have moved lower. In addition, both used car loan rates and the interest rates offered for auto loan refinances have dropped.
Based on the weekly survey of car loan rates performed by www.selectautorates.com the average for the 60 month term loan for a new car has fallen to 5.49%. The average rate on the 48 month car loan has moved down to 5.35% and the short term 36 month car loan rate is now at 5.15%.
Used car loan rates have been driven lower by comparable amounts. The 60 month used car loan rate ended the week at 5.92%. The 48 month term car loan rate for a used car has dropped to 5.82%. The 36 month used car loan rate settled the week at 5.64%.
For car loan refinances, the average for the 48 month car loan rate is now at 5.63% while the 36 month car loan rate closed the week at 5.48%.
Selectautorates.com is the leading industry tool for selecting the best auto loan rates, used auto loan rates and auto finance information. Selectautorates.com provides current auto loan rate information as well as articles, advice and current news reports. With selectautorates.com consumers can learn about auto loans, car loan refinancing, buying a car, leasing a car, obtaining car loans with bad credit and more.
To view all the auto loan rates and articles visit http://www.selectautorates.com. SelectRates Media, Inc. the publisher of selectautorates.com also publishes http://www.bestcreditcardrates.com and http://findlocalmortgagerates.com.
