National auto loan rates for May 20, 2010
Here’s a look at the state of auto loan rates from Bankrate.com’s weekly national survey of large banks and thrifts conducted May 19, 2010.
Rates: 6.96 (60-month, new car); 7.72 percent (36-month, used car)
Auto loan rates were down again this week by a small margin. The average rates for 48-month new-car loans and 60-month new-car loans each fell 1 basis point, falling to 6.98 percent and 6.96 percent, respectively. Rates for used-car loans held steady, with the 36-month used-car marking time at 7.72 percent.
This week auto dealers lobbied Congress for an exemption from the new financial regulation bill taking shape in the Senate. Dealers are concerned that cooperating with the soon-to-be-created Consumer Financial Protection Bureau, a watchdog agency intended to police financial products, would put a heavy regulatory burden on local dealerships. The exemption the dealers seek is contained in an amendment offered by Kansas Sen. Sam Brownback, who has defended the measure by saying that the dealers had not contributed to the financial mess the bill sought to clean up.
To find updated auto rates in your area, visit Bankrate’s auto rate table.
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— Claes Bell