auto

Auto rates for Feb. 6, 2014

 

I'm Doug Whiteman with Bankrate.com and here is your weekly look at auto loan rates.

Rates for both new and used car loans fell this week. The average five-year new car loan rate is now 4.23 percent, the lowest level thus far in 2014.

Used car loan rates were down for a third consecutive week, with the average three-year rate dropping to 4.79 percent and the four-year loan rate pulling back to 4.96 percent. As with new car loan rates, these too are the lowest levels posted so far in 2014.

While the economic news has been mixed to start off the year, the results are good for car shoppers. An uncertain economic climate is further reason that both the Federal Reserve -- and auto lenders -- will be keeping borrowing rates low throughout the year.

For more information on auto loans and to find the best car loan rates in your area, check out the free search engine at Bankrate.com.

I'm Doug Whiteman.

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