Rates on new and used car loans are mostly stuck in neutral this week, according to Bankrate's latest survey of interest rates. I'm Doug Whiteman with your weekly look at auto loan rates.
Only the average rate on four-year used car loans has shown any movement, slipping 1 basis point to 4.87 percent.
That means the average rate on a three-year used car loan held steady this week at 4.79 percent.
The average rate for a three-year new car loan remained at 4.12 percent. Similarly, the average rates for four- and five-year new car loans stayed parked -- at 4.14 percent and 4.22 percent, respectively.
The Federal Reserve's latest Beige Book, released this week, reported that sales of cars and light trucks began to pick up in late March and early April "as the weather improved and consumer traffic returned to dealerships."
Before you head to the dealership, make sure you've done your homework on financing. That way you don't get stuck with inflated dealership rates. You can, of course, shop for the very best rates in your area by using the free search engine right here on Bankrate.com. I'm Doug Whiteman.