Rates on new and used car loans fell slightly this week, according to Bankrate's latest survey of interest rates. I'm Doug Whiteman with your weekly look at auto loan rates.
The average rate for a five-year new car loan fell 1 basis point to 4.24 percent. The three-year new car loan also shifted lower by 1 basis point to 4.05 percent.
Used car loans fell slightly, with the average rate on a three-year used car loan falling 1 basis point to 4.84 percent. A four-year used car loan decelerated from an average of 5.02 percent to an even 5 percent.
The North American International Auto Show is on in Detroit and although the Chevy Silverado won truck of the year, all eyes were on the Ford F-150. Ford has rebuilt the truck using military-grade aluminum alloy. This shaved 700 pounds off the weight of the truck, increasing its tow capacity, fuel efficiency, acceleration and stopping distance. As an added perk, the high-strength aluminum will make the F-150 more dent and ding resistant.
For more auto news and to find the best auto rates in your area, check out the auto page on Bankrate.com. I'm Doug Whiteman.