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Auto Rates for May 5, 2011

 

 

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

On new car loans, rates moved up this week, reversing last week's move. The average 4-year new car rate is 5.53 percent and on a 5-year loan the average rate inched up to 5.58 percent.

Used car loan rates would have increased as well, in step with new car rates, if not for one lender discontinuing used car loans. Instead, the average 4-year used car rate dropped to 6.53 percent.

But those are just averages and there is no reason to settle for average. The most competitive rates remain in the low single digits -- for both new and used car loans, so be sure to shop around. 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.

 

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