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 Sept. 16, 2009.

Auto Loans

Rates: 6.95 percent (60-month, new car); 7.8 percent (36-month, used car)

Car loan rates coasted lower this week. The 60-month new-car rate dropped 2 basis points, to 6.95 percent. The average rate for a 36-month, used-car loan also dipped, slipping 3 basis points, to 7.8 percent. The 48-month new car average pulled back 2 basis points, to 6.97 percent.

Last week Experian reported that the number of auto loans at least 60 days late had risen 21.7 percent since the second quarter of 2008. Loans at least 30 days past due also rose, climbing 14.6 percent year-over-year. Scott Waldron, president of Experian automotives, predicts in the report that rapid increases in defaults will force lenders to further tighten lending criteria, leaving some unable to secure financing at all.

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

-- Claes Bell



Show Bankrate's community sharing policy
          Connect with us

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
Partner Center


Tara Baukus Mello

Flat-rate car towing as needed

Goodyear has introduced a roadside assistance program where you pay a flat rate whenever you need a tow with no annual fee.  ... Read more

Connect with us