Auto loan rates for May 30, 2013

Claes Bell
May 30, 2013

Interest Rate Roundup

Auto loan rate graph
Auto loan rate graph

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Auto Loans

  • 4.1% (60-month, new car)
  • 4.71% (36-month, used car)

Auto loan rates were mostly lower this week in Bankrate's national survey.

The average rate for a 60-month new-car loan fell 2 basis points to 4.1 percent. The average rate for a 48-month new-car loan also gave up ground, falling 1 basis point to 4.03 percent. A basis point is one-hundredth of 1 percentage point.

Rates on used-car loans were also lower, with the average rate on a 36-month used-car loan falling 1 basis point to 4.71 percent.

A consumer interest group is pushing for Chrysler to recall about 5 million Jeep Grand Cherokees produced from 1993 to 2004, alleging the sport utility vehicles are prone to catching fire after rear-end collisions, according to a report from The New York Times. The Center for Auto Safety sent a letter to Fiat's chairman, John Elkann, citing the deaths of three children since 2006 in urging the automaker to recall the vehicle, which is currently under investigation by the National Highway Traffic Safety Administration.

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