Auto loan rates for July 17, 2014

Bankrate.com

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Auto Loans

  • 4.14% (60-month, new car)
  • 4.71% (36-month, used car)

Average rates on 36-month car loans ticked up slightly this week, while the average loan rates on other products held steady, according to Bankrate's latest survey of interest rates.

The average rates on 36-month new and used car loans each rose 1 basis point, with the 36-month new car loan going from 4.04 percent to 4.05 percent and the 36-month used car loan rising to 4.71 percent.

A basis point is one-hundredth of 1 percent.

The average 60-month new car loan remained for the third week at 4.14 percent. Similarly, the average rate on a 48-month new car loan continued to be stalled at 4.06 percent for the third straight week.

Also stopped at a red light this week was the 48-month used car loan, which remained at 4.78 percent.

The Wall Street Journal reported this week that the Environmental Protection Agency is proposing a rule that would require automakers to test their mileage claims on the road. News of the proposal follows complaints in recent years that some companies have been inflating the mileage their cars can get.



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