National auto loan averages

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from's weekly national survey of large banks and thrifts conducted July 8, 2009.

Auto Loans

Rates: 7 percent (60-month, new car); 7.85 percent (36-month, used car)

Car loan interest rates are as still as the air here in Florida. With no change from last week, the 60-month, new-car loan rate is 7 percent, the 48-month, new-car loan rate is 7.01 percent and the 36-month, new-car loan rate is 6.89 percent.

Used-car loan rates dipped slightly. The 36-month, used-car loan rate is 7.85 percent, down 1 basis point from last week's survey. No change, however, in the 48-month, used-car loan rate; it remains at 8 percent.

Thinking about some do-it-yourself car repairs to save money? You may want to think again, at least according to this Associated Press article published this week.

From replacing a taillight to installing brakes, people are cutting back wherever they can, sometimes with disastrous consequences. The moral of the story is, sometimes it's cheaper to have the job done right the first time.

To find updated auto rates in your area, visit Bankrate's auto rate table.

-- Sheyna Steiner



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