auto

Auto rates for July 24, 2014

 

Average loan rates on new and used cars were mixed this week, according to Bankrate's latest survey of interest rates. I'm Doug Whiteman with your weekly look at auto loan rates.

The average on three-year new car loans was the only new vehicle loan rate to see any movement this week. It slipped 1 basis point to 4.04 percent, back to where it had been two weeks ago. The average rates on the five-year and four-year new car loans remained the same this week, at 4.14 percent and 4.06 percent, respectively.

Meanwhile, the average rate for a four-year used car loan ticked up by 1 basis point this week to 4.79 percent, hitting its highest level since May 22. The average three-year used car loan stayed parked at 4.71.

BMW issued a recall of more than half a million cars last week, expanding a May 2013 recall. Cars affected may be equipped with a faulty passenger-side airbag. BMW says the recall is a precautionary measure and that it's not aware of any incidents involving its vehicles. Ignoring a recall is always a bad idea. Not only are there safety risks involved, but if you're found at fault for an accident resulting from a bad part, your insurance rates could skyrocket.

To read more on the recall and to shop for the best auto loan rates in your area, check out the auto page on Bankrate.com. I'm Doug Whiteman.

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