I'm Kristin Arnold with Bankrate.com and here is your weekly look at auto loan rates.
Both new and used car loan rates high-tailed it into record-low territory again this week. The average 5-year new car loan rate is down to 4.50 percent. On used car loans, the average 4-year rate is now 5.27 percent.
But there is no need to settle for average. Plenty of rates in the low single digits exist on both new and used auto loans. Borrowers with good credit and some cash for a down payment can find new car rates below 3 percent. In the market for a used car? Well, plenty of rates below 4 percent are available - again, as long as you have good credit and money to put down.
Of course, those low used car rates aren't just for those buying cars. A borrower looking to refinance an existing auto loan carrying a much higher interest rate will find today's rates very attractive. In addition to securing a much lower interest rate, be sure not to stretch out the new loan beyond the remaining term of your existing loan. Otherwise, those extra payments will quickly outweigh your interest savings.
Don't want to be taken for a ride on your auto loan? Then you need to shop around. To see the lowest car loan rates in your area, visit Bankrate.com.
I'm Kristin Arnold.