National auto loan rates for July 7, 2011

Interest Rate Roundup
Auto loan rate graph
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Auto Loans

  • 5.5% (60-month, new car)
  • 6.42% (36-month, used car)

Auto loan rates in our weekly survey were mixed this week. The average rates for 48-month new-car loans and 60-month new-car loans were respectively up 4 and 5 basis points this week, rising to 5.46 percent and 5.5 percent.

Used-car loans, on the other hand, stayed flat. The average rate for a 36-month used-car loan stayed put at 6.42 percent.

Automakers are staging a lobbying effort to prevent the phase-in of E15 fuel, a mixture of 85 percent gasoline and 15 percent ethanol, according to a report by the Detroit Free Press. The Environmental Protection Agency has already decided to allow the new blend to be sold at gas stations nationally for cars newer than model year 2001. But automakers are worried the blend could cause engine damage, even in 2011 models. The Detroit Free Press reports that 12 automakers have sent letters criticizing the fuel and warning it could have negative consequences for owners of their cars.

-- Claes Bell




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