Rates on new and used car loans fell again this week. I'm Allison Ross with your weekly look at auto loan rates.
Great news for the many Americans who are in the market for a new vehicle. The average rate on a five-year new car loan fell one basis point to 4.17 percent, while the average rates on the three-year new car loan fell by two basis points to 4.07 percent.
The average rates for used car rates also fell, with a three-year used car loan falling from 4.76 percent to 4.74 percent. The average rate on a four-year used car loan dropped two basis points to 4.82 percent.
Auto sales in April grew approximately 8 percent from a year ago and many experts expect that uptick to continue through the rest of the year. And it's no surprise. The Fed is content to leave interest rates low, and the average age of vehicles still on the road in America is at record levels. Many will find that this year is the time to replace the old clunker they're still driving.
Before you shop for a new vehicle, find the best rates in your area by checking out the rate tables at Bankrate.com. I'm Allison Ross.