It occurred to us here at Peak Personal Finance that we hadn’t looked at automotive loans in quite a while.  So it’s definitely time to update you on the latest and best car loan rates out there.  So we had a look at what kind of rates are available as the bet new car loans and best used car loans options out there.

For a 36 month term, the best new car interest rates are Bank of America car loans at 4.54% APR, the next being Chase Bank car loans at a 5.11% APR (annual percentage rate).  After that, the new car rates rise to 7.99% at Sovereign Bank and 8.47% at Wachovia.  The best 36 month used car interest rates are at Chase Bank at 5.21%.

For a 48 month term, the best new car loans are again from Bank of America at 4.54% APR, and Chase Bank car loans are still 5.11% APR.  Other new car interest rates are still far behind the leaders.  The best 48 month used car loans are from Chase Bank car loans in this term, at 5.21% APR.

Looking at the 60 month term, the best is still Bank of America new car loans at 4.54% APR.  Chase Bank car loans for this term are 5.17% APR with others at least 2.5% higher.  There are no best used car loans that we could recommend in for a 60 month term, as it seems that currently no one is offering good used car interest rates for this length of time.

The best car loan rates will change often, of course, as the market fluctuates.  This is a buyer’s market, however, so rates are low and prices for vehicles (plus incentives) are getting very competitive.  Definitely the right time to look for best car loan rates and grab yours if you’re in the market for a new vehicle.