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Auto rates for Jan. 31, 2013

 

I'm Doug Whiteman with your weekly look at auto rates.

Auto loan rates fell slightly to hit all-time lows this week with the average rate for a 5 year new-car loan losing 1 basis point to come in at 4.12 percent. The 4 year new-car loan also fell 1 basis point to 4.04 percent.

For used cars, the average rate on a 36-month loan fell 3 basis points to 4.71 percent.

With a record low rate environment for auto loans, there may never be a better time to buy, but don't visit a dealer without getting pre-approved for a loan first. If you get pinned with dealer financing, you could wind up paying hundreds more over the course of your loan.

To find the very best auto loan rates in your area, use the free search engine on Bankrate.com. I'm Doug Whiteman.

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