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Auto rates for March 6, 2014

 

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

Rates for new and used car loans were slightly lower this week, unwinding some of last week's increase. The average five-year new car loan rate is now 4.2 percent. On used car loans, the average four-year rate is a very attractive 4.9 percent.

In both cases, the lowest rates remain well below 3 percent, so it is important to shop around. Most borrowers have good enough credit to score one of these ultra-low rates, but it's not like car buyers with weaker credit are thrown out in the cold. Yes, they will pay a higher interest rate, including into the double digits, but credit availability on auto loans is far better than for any other form of consumer borrowing.

For more information on both new and used car loans, go to Bankrate.com.

I'm Greg McBride.

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