auto

Auto rates for Feb. 9, 2012

 

 

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

There was movement on both new and used auto loan rates this week. After holding steady for 3 weeks, the average 5-year new car loan rate climbed to 5.24 percent. Rates for both the 3-year and 4-year new car loans were also higher, to 5.16 percent and 5.17 percent, respectively.

Used car loan rates reversed course, with the average 3-year used car rate falling to a record low of 6.22 percent and the average 4-year used car rate retreating to 6.15 percent.

While auto loan rates are still low, finding sub-3 percent used car rates is now more difficult. Some large lenders that were offering those rock-bottom rates on both new and used car loans a few short weeks ago, now extend that offer only to new car loans.

Good credit, proof of income, and some form of down payment are required to score the best car loan rates. But don't forget to shop around. To see the lowest car loan rates in your area, visit Bankrate.com.

I'm Kristin Arnold.

 

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