Car shoppers take note ... both new and used auto loans
fell, resetting record lows for a second consecutive week. The average 4-year new car rate dipped below the 5 percent mark to 4.98%, while the average 5-year new car rate slid to 5.03%. Used car loan rates were lower also, dropping to 6.06% on a 3-year loan and 6.09% on a 4-year loan.
While the averages were all lower, it was mostly due to sharp declines at the upper end of the rate spectrum. The most competitive rates held steady. These record low rates are helping to boost U.S. car sales.
Of course to get the very best auto loan rates, you must have good to excellent credit. You can shop around for those rates right here at Bankrate.com. I'm Kristin Arnold.