Auto loan rates for July 28, 2011

Interest Rate Roundup
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Auto Loans

  • 5.44% (60-month, new car)
  • 6.38% (36-month, used car)

Auto loan rates were noticeably lower this week. The average rate for a 48-month new-car loan fell 8 basis points, to 5.4 percent. The average rate for a 60-month new-car loan also dipped, giving up 7 basis points to 5.44 percent.

Used-car loan rates also slipped. The average rate for a 36-month used-car loan was down 3 basis points, to 6.38 percent.

The White House and some major players in the auto industry have agreed to sharply higher fuel economy standards for 2025, according to a report in the Detroit News. To meet the new standards, the average fuel economy of the U.S. fleet would have to rise to 54.5 miles per gallon. While relatively high, compared to the 2011 requirement of 30.2 mpg, it's lower than the 56.2 mpg number the White House originally sought, according to the report.




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