auto

Auto rates for May 10, 2012

 

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

Both new and used auto loan rates continue to reset record lows. The average 4-year new car loan rate reversed to 4.37 percent and the average 5-year new car rate is now 4.47 percent.

On used cars, the average 3-year loan rate sank to 5.13 percent while the average 4-year loan plunged to 5.15 percent.

Car loan rates have been on the downswing in markets around the country, but borrowers should set their sights lower - as in lower rates. Although the average new car loan rate is in the 4's and the average used car rate is in the 5's, borrowers with good credit and money for a down payment can find rates below 3 percent - for both new and used car loans.

You can shop around to find those ultra-low car loan rates in your area by visiting the free search engine at Bankrate.com.

I'm Greg McBride.

 

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