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 Oct. 7, 2009.

Auto Loans

Rates: 6.83 percent (60-month, new car); 7.71 percent (36-month, used car)

Auto loan rates continued their downward trend this week. Rates on loans for new cars fell for the fourth month in a row; the average 60-month rate came in 7 basis points lower, at 6.83 percent, while the average 48-month new-car rate downshifted 6 basis points, to 6.86 percent. The average rate for a 36-month, used-car loan fell 7 basis points, 7.71 percent.

According to Associated Press, the U.S. International Trade Commission is investigating whether Toyota's hybrid vehicles such as the Prius infringe on patents held by a Florida-based company.

The report is just the latest in a string of bad news for the Japanese automaker. On Tuesday, the National Highway Safety Administration began an investigation of corrosion problems in the company's Toyota Tundra pickup truck line. That same day, the company announced a massive recall of 3.8 million Toyota and Lexus vehicles for floor mats that can cause dangerous unintended acceleration, according to The Detroit News.

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

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

Partner Center


Tara Baukus Mello

Major air bag recall expanded again

The Takata air bag recall has expanded with 2.3 million more cars recalled, bringing the total recalls to more than 26 million vehicles.  ... Read more

Connect with us