Current Auto Loan Rates
As furnished by www.hsh.com, surveys on the current auto loan rates are made on a monthly basis. Current auto loan rates for new and used auto loans from lenders all over 100 cities in the United States are complied by www.hsh.com for comparison and information purposes. The data for current auto loan rates are further divided into 36, 48 and 60 month averages.
Although there is no direct correlation between Federal Funds Rate and current auto loan rate but it is a given fact that changes in short-term cost of money do affect the current auto loan rates.
Although short-term loans are affected by the higher Federal Funds Rate to a certain degree what actually fund these loans are the locally-gathered deposits. The local deposits in the form of time deposits are where the lenders obtain funds or the ‘cost of obtaining funds'. These costs of fund are the interest you get for time deposits which in turn used by the lender for the loans. As the lender's ‘cost of funds' increases, the rates on short-term loans also increases. Lenders need to attract both depositors and borrowers in order to make money. The drifting of rates is the cause why Federal Reserve moves are made from six months to a year to be fully realized in the economy which could contribute to an increase in the current auto loan rates.
Since current auto loan rates vary from lender to lender, you should scout around for the best interest rate before choosing a lender. Differences in current auto loan rates could be as low as 2% in some areas. Current auto loan rates for brand new cars based on $15,000 fixed rate loan to good credit borrowers the rates range from as low as 5.79% in Indianapolis to as high as 7.59% in Philadelphia. Most states offer a 6.5% up rates.
For current auto loan rates on used cars, the averages apply to a $15,000 fixed-rate loan for good credit quality borrowers and apply to late model used cars usually one to three years old. The lowest current auto loan rates for used cars can be found in Denver at 6.69%. The highest is in Miami Florida at 8.51%. Most cities apply an 8.0% average on their current auto loan rates for used car. These current auto loan rates are subject to change depending on the economic situation, Federal Funds Rate and the lending institutions.
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