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Auto rates for Feb. 16, 2012

 

 

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

Rates for both new and used car loans moved into reverse this week, falling to new record lows. On new car loans, the average four-year rate pulled back to 5.12 percent, with the average rate on a five-year loan now 5.2 percent.

On used car loans, the average three-year loan rate retreated to 6.19 percent and the average four-year rate settled at 6.12 percent. All are record lows.

The auto loan landscape is very favorable for borrowers in 2012, with rates at new lows and showing little prospect of rising any time soon. With the Federal Reserve pledging to hold short-term interest rates steady until late 2014, this will keep a lid on car loan rates for the foreseeable future.

Despite these record low auto loan rates, there is still a wide disparity in what is available in the marketplace, so be sure to shop around. To see the lowest car loan rates in your area, visit Bankrate.com.

I'm Greg McBride.

 

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