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Auto rates for Feb. 7, 2013

 

I'm Doug Whiteman with your weekly look at auto loan rates. Auto loans stayed in neutral this week, although in this case, they're sitting at record lows. The average rate for a 5-year new car loan stayed parked at 4.12 percent. The 4-year new-car loans sat still at 4.04 percent.

For used cars, the average rate on a 3-year loan also held steady at 4.71 percent.

Besides rock-bottom rates, there's also the good news for would-be car-buyers that Japanese models may be getting cheaper in the U.S. The Japanese yen has fallen to its lowest level against the dollar in more than two years, according to a report by The Detroit News.

Even with rates averaging at record lows, don't settle for average. The best rates are in the 3 percent range, so shopping around could mean hundreds over the course of your loan. To find the best rates in your area, use the free search engine at Bankrate.com. I'm Doug Whiteman.

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