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National auto loan rates for July 12, 2012

Interest Rate Roundup
Auto loan rate graph
Find the best auto rates in your area.

Auto Loans

  • 4.46% (60-month, new car)
  • 5.1% (36-month, used car)

Auto loan rates were a mixed bag in this week's rate roundup.

The average 60-month new-car loan rate is 4.46 percent for the second week. Also for the second week, the 48-month new-car loan rate is 4.31 percent.

For used cars, the average 36-month loan rate fell 1 basis point to 5.1 percent. A basis point is one-hundredth of 1 percentage point.

The price of the lithium-ion batteries used in electric cars are expected to plummet, reports a new study by the consulting firm McKinsey. And according to a story on the study on the website Automotive News, lower battery costs will make electric cars more affordable for consumers.

 

 

 

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Auto Averages
Product Rate +/- Last week
48 month used car loan
2.93% 3.10%
48 month new car loan
2.45% 2.45%
36 month used car loan
2.88% 2.93%
36 month new car loan
2.30% 2.30%
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