auto

Auto rates for April 26, 2012

 

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.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Air bag recall hits 4.7m cars

About 4.7 million cars have been recalled due to a possible problem with the airbags that could cause them to deploy unexpectedly.  ... Read more


Connect with us