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.