Auto Loan Rates This Week: Average Rates Mixed, 3 Year Loans for New Autos Lower and 4 Year Loans Higher
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Average Auto Loan Rates January 21, 2011
Average auto loan rates were mostly lower this week, following Treasury yields lower. Interest rates on auto loans have stabilized recently after heading higher at the end of 2010. Rates on loans will start going higher in 2011 as the economy improves, the unemployment rate goes down and inflation becomes a concern. Once this happens the Fed will raise interest rates which will cause auto loan rates to go higher.
The current average interest rate on 3 year new auto loans is 5.02 percent this week, down from last week’s average rate of 5.07 percent. This is the second consecutive week 3 year new auto loan rates are lower.
The current average loan interest rate for 4 year new auto loans is averaging 5.15 percent, down from the prior week’s average rate of 5.18 percent. These rates are average rates, there are banks and credit unions offering loan rates that are considerably lower.
Interest rates on 5 year new auto loans currently are averaging 5.27 percent, a decline from last week’s average of 5.29 percent. Right now on our rate list PenFed Credit Union is offering rates at 2.99 percent.
Current 4 year used auto loan rates are unchanged for the week ending January 21, 2011. Average interest rates on 4 year used auto loans are averaging 5.51 percent, unchanged from the previous week.
January 21, 2011 Average Auto Loan Interest Rates