I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at auto loan rates.
Auto loan rates keep dropping, resetting record lows. The average 5-year new car loan rate is now 5.58 percent and used cars, the average 4-year rate is currently 6.55 percent. This week's move was aided in part by a change within the survey group, but there are still plenty of instances of lower rates.
Recently, the rate changes are showing up among lenders that are at the higher end of the spectrum, cutting rates from "stratospheric" to merely "outrageous." Nonetheless, the most competitive rates remain in the low single digits - for both new and used car loans, so be sure to shop around.
Bringing good credit and money for a downpayment are necessary to score the best rates.
For more information on auto loan rates, and to see the lowest car loan rates in your area, visit Bankrate.com.
I'm Greg McBride.