Auto loan rates ticked upward this week. The average rates for 48-month new-car loans and 60-month new-car loans each rose 1 basis point, to 5.64 percent and 5.69 percent.
Used-car loans were also up slightly. The average rates for a 36-month used-car loan added one basis point to come in at 6.67 percent.
After a recent two year drought in car sales, car buyers are returning to showrooms for great financing on new cars and great deals on leases. Both banks and credit unions are returning to the market ... as news of U.S. car sales for January jumped 17 percent compared with the same month a year earlier.*
To get the best interest rate on your auto loan, you must shop around ... you can do that by visiting Bankrate.com. I'm Kristin Arnold.
Both new- and used-car loan rates pulled back this week.
New-car loan rates inched lower this week.
Rates on used-car loans lurched higher this week.
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A little research could save you BIG on interest.