I'm Doug Whiteman with your weekly look at auto loan rates. Auto loan rates were mostly lower this week in Bankrate's national survey. The average rate for a five-year new-car loan slipped 2 basis points to 4.1 percent, and the four-year new-car loan gave up 1 basis point to 4.03 percent. A basis point is one-hundredth of 1 percentage point.
Rates on used-car loans were lower as well, with the average rate on a three-year used-car loan going down to 4.71 percent.
A consumer group is pushing for Chrysler and its parent company, Fiat, to recall about 5 million Jeep Grand Cherokees produced from 1993 to 2004. In a letter to Fiat's chairman, the Center for Auto Safety claimed the sport utility vehicles are prone to catching fire after rear-end collisions. The New York Times reported that the group says fires since 2006 have killed three children. Fiat issued a statement saying the SUVs are not defective and that their fuel systems do not pose an unreasonable risk in rear-end crashes.
To shop around for the best rates on your next vehicle, use the free search engine at Bankrate.com. I'm Doug Whiteman.
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