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Auto rates for Feb. 13, 2014

 

I'm Greg McBride, chief analyst with Bankrate.com and here is your weekly look at auto loan rates.

The good news for car buyers continued, as new and used car loan rates declined. The average five-year new car loan rate is now 4.18 percent and the four-year used car rate is down to 4.89 percent.

While auto loan rates were moving lower, which is good news for car shoppers, the magnitude of the decrease was exaggerated by something that wasn't a rate change at all. The swapping of institutions in the survey due to a recent bank merger has a bigger influence on this week's average rate than the rate decreases seen elsewhere in the survey.

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 Greg McBride.

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