auto

Auto rates for May 2, 2013

 

I'm Greg McBride, senior financial analyst with Bankrate.com, and here is your weekly look at auto loan rates.

New-car loan rates inched lower, reversing last week's move, with the average four-year loan rate retreating to 4.03 percent and the average five-year rate now at 4.11 percent. Yes, that's right. The rate is higher on a longer-term loan, which negates some of the benefit of stretching the loan to get a lower monthly payment. Of course, the other risk of stretching into a longer-term loan is being upside-down -- or owing more than the car is worth -- for a longer period of time. After all, vehicles depreciate the fastest right after they're driven off the lot.

Used-car loan rates were unchanged, with the average four-year used-car rate holding at 4.51 percent.

For more information on auto loans and to find the best car loan rates in your area, check out the free search engine at Bankrate.com.

I'm Greg McBride.

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

Chrysler recall for car ignition fix

The Chrysler Group has announced a recall of 349,442 cars for a potential problem that can cause the ignition key to become stuck or inadvertently move.  ... Read more


Connect with us