Blacks, Latinos paying higher interest rates than whites for cars

“On 2004 loans for new car purchases, blacks paid a median interest rate of 7 percent - compared with 5 percent for white borrowers and 5.5 percent for Latino borrowers. On used car loans, African-Americans and Latinos both received considerably higher interest rates. The median rates for African-Americans and Latinos were 9.5 and 9 percent respectively, compared with 7.5 percent for whites.

Additionally, CFA found that more African-Americans paid auto loan rates of at least 15 percent. For new car loans, 6 percent of African-American borrowers paid 15 percent or more, compared with just 1.7 percent for whites and 1.8 percent for Latinos. On used car loans, 27 percent of black borrowers and 18.5 percent of Latino borrowers paid 15 percent or more, compared with only 9.2 percent of white borrowers, the analysis found.”

Stumble it! | |

Other posts that may interest you

Disparities among patients with extremity soft-tissue sarcomas

South Texas Chisme: Getting Hispanics to vote

Black and Hispanic Home Buyers Pay Higher Interest on Mortgages, Study Finds - New York Times

Study: Hispanics, blacks get higher refinance rates

Ethnic disparities in alcohol services

Hispanics, Whites, Blacks Not in Complete Agreement on Illegal Immigration

Whites, Minorities Differ in Views of Economic Opportunities in U.S.

DARE TO ASK: U.S. blacks more tolerant of Hispanic immigrants

Report: Blacks, Latinos lagging in quality of life - California

US lenders charge higher rates to black and Hispanic borrowers