I'm Doug Whiteman with your weekly look at auto loan rates. Auto loan rates were up again this week in Bankrate's national survey. The average rate for a five-year new-car loan ticked up 2 basis points to 4.12 percent and the four-year new-car loan moved higher to 4.04 percent.
Rates on used-car loans were up as well, with the average rate on a three-year used-car loan rising to 4.7 percent.
In response to allegations that it inflated fuel economy claims, Ford unveiled a contest this week with a $50,000 prize. The company will award that money to a developer who creates the best mobile or Web-based app to help drivers monitor their fuel efficiency. Developers will be allowed to tap into Ford vehicles' onboard data platform to create the app. The automaker hopes to provide drivers with a way to see how their driving habits affect their overall fuel usage.
To shop around for the best rates on your next vehicle, use the free search engine at Bankrate.com. I'm Doug Whiteman.
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It was a tame week for movement in car loan rates.
Car loan rates remain at some of the lowest levels on record.
New car loan rates fell 1 basis point each.
Used car loan rates keep getting better.
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Tesla is tapping its current owners to act as a sales force by offering them cash and other incentives, including a free Model X, when they refer friends who buy a car.
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