I'm Greg McBride with Bankrate.com and here is your weekly look at auto loan rates.
It was another week of new record lows for auto loan rates. Both new and used car loan rates dropped further as lenders respond to the competition by cutting rates. The average 5-year new car loan rate is now 4.58 percent and has fallen for 5 weeks in a row.
Rates continue to fall on used car loans as well. The average 3-year used car loan rate has now fallen for 6 straight weeks and is at the new low of 5.36 percent.
Despite the steady drops in auto loan rates, there is still a wide disparity in the marketplace. While rates in the low single-digits are available to borrowers with good credit, the same borrowers could just as easily spot rates in the double-digits.
Your best defense against being taken for a ride on your auto loan is to shop around. To see the lowest car loan rates in your area, visit Bankrate.com.
I'm Greg McBride.
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A little research could save you BIG on interest.