Car Loan Rates for the Week of August 7, 2009

Aug. 10, 2009 - PRLog -- Selectautorates.com announced today the results of their weekly survey for the best auto loan rates for the week ending August 7, 2009.  

Selectautorates.com weekly car loan rate survey evaluates the best car loan rates available across the nation for new car loans, used car loans as well as auto refinance rates.

Weekly Car Loan Rate Summary

After dropping measurably in the prior week, auto loan rates remained unchanged for the week ending August 7, 2009.   New car loans with 60 month term held steady at 5.49%.  48 month term car loans continued to be promoted with an average rate of 5.35%.  The short term, 36 month new car loan rate remained at 5.15%.  

Used car loan rates were stagnant for the week as well.  The average rate on a 60 month loan for a used car held at 5.92%.  The 48 month term used car loan rate was unaltered at 5.82%.  The short term used car loan rate, the rate on a 36 month loan, was unmoved at 5.64%.

Auto refinance rate continued this trend of stability.  The 48 month auto refinance rate held at 5.63%.  The refinance rate for a 36 month car loan was unresponsive to market movements as well, holding at 5.48%.

Prior to this week’s conspicuous inactivity, car loan rates had moved measurably lower in the past few weeks.  New and used car loan rates are now holding at their low point for year and while sustaining these levels may not garner attention, these low car loan rates are certainly to the car buyers’ benefit.

About Selectautorates.com

Selectautorates.com provides readers with current auto loan rate data as well as timely articles and information on car loans.  Selectautorates.com is part of a network of personal finance web sites published by SelectRates Media, Inc.  Web sites published by SelectRates Media, Inc. include http://www.selectautorates.com, http://www.bestcreditcardrates.com, http://www.findlocalmortgagerates.com and http://www.selectcdrates.com.

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SelectRates Media, Inc. of Naperville Illinois owns and operates http://www.selectCDrates.com along with http://www.bestcreditcardrates.com, http://www.selectautorates.com, http://www.findlocalmortgagerates.com and http://www.selectcalculators.com.