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.
New car loan rates fell 1 basis point each.
Used car loan rates keep getting better.
Both new and used car loan rates shifted lower this week.
Rates on auto loans were mixed this week.
It pays to pick a vehicle that holds its resale value. Jean Chatzky tells us how to find one.
How did consumers respond when asked about job security, savings, net worth, and debt?
Comparison shopping will help you know deals from duds at a dollar store.
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Mortgage rates jumped this week.
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