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Auto Rates for May 26, 2011

 

 

I'm Greg McBride, senior financial analyst with Bankrate.com and here is your weekly look at auto loan rates.

Auto loan rates were on the move this week. Let's start with used car loan rates. Both the average 3-year and 4-year used car loan rates jumped nearly one-eighth of a percentage point to 6.55 percent and 6.67 percent, respectively.

Rates for new cars were more subdued, with the average 3-year rate inching up to 5.47 percent, the average 4-year rate holding at 5.53 percent, and the average 5-year rate dipping to 5.56 percent.

In the case of both new and used car loans, the number of decreases outnumbered the increases, but the magnitude of the some of the increases - particularly on used car loans - won out.

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.

 

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