Auto loan rates dropped to record lows this week. The average rate for a 48-month new-car loan was flat at 5.16 percent. The number of lenders cutting rates outnumbered those raising rates; pushing the average 3 year used car and 5 year new car loan rates to record lows of 6.26% and 5.22%, respectively.
It is important to shop around as borrowers with good credit can find rates below 3 percent on both new and used car loans at many regional and national banks, as well as credit unions.
A recent study by the Detroit Free Press found that the average age of the U.S. auto fleet hit a record 10.8 years in 2011.
If this economy has made you put off buying a car, the auto financing landscape looks favorable for consumers mulling a car purchase in 2012. To shop for the very best auto loan rates, just log onto Bankrate.com. I'm Kristin Arnold.
Wondering if you really need that repair on your car? Cruise the Web to find the answer.
New-car loan rates inched lower.
Auto loan rates crept lower this week.
Looking for a loan for a new car without a long-term financial burden? Try a 36-month new-auto loan.
Auto loan rates were up again this week.
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Mortgage rates jumped for a second straight week.
CD yields continued their erosion this week.
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A little research could save you BIG on interest.